Metal Gear Rising set the standard for action games for me. It was the kind of EXPLOSIVE game that really clicked with me., it's not without it's flaws but IT'S AWESOME. I want a sequel so bad, with more development time ofc..
Rising did pretty well I think. Wouldn't be crazy to assume that there have already been plans for a sequel.
I really liked how the gameplay is basically a mix between Ninja Gaiden and Vanquish. Is not perfect, but a sequel could potentially end up being close to something like Ninja Gaiden Black.