Well, it's Capcom so this shouldn't come as too much of a shock to people, but they have announced a Viewtiful Joe 2.
The game will be released on both the GCN and Ps2 this go around, and feature a newnVFX effect called Replay, and also co-op mode with Syvlia who is a superheroine.
You will also get to pilot different vehicles and other devices during the course of the game, like the plane in part 1.