EA have announced that a sequel to Shank will be released early in 2012 on PC, PSN and XBLA. There aren't a ton of details, but it seems developers Klei Entertainment have listened to some of the feedback they received after the first game:
"We took the feedback from the community and ran with it, putting our own flavor on every change. For Shank 2, we literally took apart the game and put it back together to push the envelope in combat mechanics, visuals, and 2D animation in games," says Klei's Jamie Cheng.