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The series will probably start a new story, without the PoR/RD characters in a new universe.
The series is like FF, there's no consistent story, although there are several universes that share multiple games. FE1+2+3 (Marth), 4+5, 6+7 (Roy) and 9+10 (Ike) take place in the same universe.

1-2: NES
3-5: SNES
6-8: GBA
9: GC
10 Wii

It's quit reasonable to expect a second Wii Fire Emblem. Radiant Dawn sold well over 500.000 copies and the userbase is growing enormously.