The game was a bold step in a different direction, trying to push the envelope of character movement in games. Unfortunately many didn't see it as that and instead lamented the fact that there wasn't more shooting or something. Though the IP might now die its legacy remains, BRINK is prime example, fuller movement for character, Mirror's Edge fingerprints can even be seen in FEAR 2, notice how the character feel heavier when you move, he felt like he had weight. Kill Zone 2 had the same thing, none of that floaty movements, instead it felt like u where controlling a person with 2 legs instead of a hover magnet stuck up his ass.
As far as the sequel goes... what could you honestly do plot wise? I say rather assimilate some of the design choices DICE made and incorporate it into new IPs.