Is that Kai?! Is this what we've hoped for? A sequel for Heavenly Sword?

At the very least, it looks like the new game from Ninja Theory shares lot of DNA with Heavenly Sword. We'll have to wait and see if this is an actual continuation of the PS3 launch game's mythos.

Update: More details from the official PlayStation Blog:

The announcement trailer that we've just released is intended to give you a taste of the AAA quality that we're planning on delivering, and to also introduce you to the Hellblade world, which is based on Celtic myth. The trailer is focused on Senua, Hellblade's protagonist as she embarks on a very personal journey through a hellish underworld.

We have announced the game unusually early. This is a deliberate move: we want to share our development journey with you, the fans; to develop Hellblade right in front of your eyes so you can see just how we go about making games.

At the heart of this is hellblade.com, where you can find the latest from development. Throughout the project we'll be sharing developer diaries, concept art, design documents, tutorials and work-in-progress of the game being put together. If you hop over to Hellblade.com now you'll see some concept art from Hellblade as well as an introduction video to the project. You'll also see a lot more information about "Independent AAA", and in the spirit of openness, we've posted a lot of documentation on a couple of Ninja Theory games that were planned, but never made it into production.

So, not a Heavenly Sword sequel, then. But, it still looks similar enough to get excited.