Fuck yes.
And for the love of gaming, they are making a new IP! It's going to be announced this year for a release on the PS4 in 2014. We don't have to make a choice between the two because we're getting both.
God of War IV will be announced in 2015 for a March 2016 release (plenty of time after Ascension). It will be pretty much a reboot, new settings, new mythology (please be Egyptian), reformed Kratos etc.