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XBOX 360 - NEWS: Bioshock Sequel Announced
During today's conference call to discuss its financial results, Take Two announced that a sequel to BioShock is in development at its new 2K Marin Studio. The game is expected to arrive in the company's Fiscal 2009, so that means before October 31, 2009.

It has been rumored that BioShock 2 will in fact be a prequel that will be set before the events depicted in the first game, which means that we could actually get to see firsthand the fall of Rapture-- the fictional underwater dystopian city featured in BioShock.

Source: TeamXbox.com