According to VG247, part of Sony's Leipzig press conference (at least, one of the parts we don't already know about) is to be devoted to an unveiling of the "next generation of EyeToy". Seeing as the successor to the EyeToy peripheral - the PlayStation Eye - is already out, we'll presume they're talking about a next-gen sequel to EyeToy Play, the game that came bundled with the original PS2 camera. We'll also presume it'll be taking advantage of all those neat features we've been shown over the past few months. And be subsequently excited. But remember, until David Reeves takes to that stage later today, chalk this one up as a rumour. GC08: "Next gen" EyeToy game to be revealed in Sony presser today [VG247]
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I just did some checking on gamefaqs, Play 2 and 3 (3 is Europe only) already exist on PS2, so I don't think this will be Play 2, exactly, more like next-gen play.
Not that it really matters, should be cool no matter what they decide to call it.