I'm going to make a thought dump:
To be honest, I'm indifferent about it. I'm excited and think it can be something great if Tony chooses good developers and, perhaps more importantly, a good publisher. Definitely, the game needs to feel like THPS should, or hopefully like THUG should because I really think walking is too important a feature to ignore, but we also can't have 5 clothing packs at launch, an exclusive pre-order level, region exclusive DLC and collector's edition, and so on.
But on the flip side, I'm entirely for good "DLC" practices. In fact, I would love to see them make a content platform rather than just a game. Something that is continually expanded upon. Instead of going the Activision/traditional route of new game, new multiplayer community, added levels, added mechanics etc, -- no, build upon the original game. The sequel should integrate completely with the original.
Or to put it another way, be like THUGPro. One community, one massive game.
And two more important things to me: PC version. Absolutely need a PC version. And also, mod support. That could be really great for the community and the game longevity, and in turn, great financially. Stuff like CAP or CAS should be as customizable or even more so than the Neversoft engine, (no pre-defined textures on clothing/body parts that I can't colorize!) but mods would take it to the next level.
But for real, at least make a good PC and console game. (No, but for real, real, mod support and make it a content platform, Tony!)