From a Q&A on the Rockstar Blog:
Awesome, we love Red Dead too – and are thrilled that so many of you loved John Marston’s tale and are excited for more epic Western action. As we mentioned in our last set of Asked & Answereds to similar questions about the future of other game franchises like Bully and L.A. Noire, we don’t always rush to make sequels but that does not mean that we won’t get to them eventually. Stay tuned for further announcements about the future of the Red Dead series.
Red Dead Redemption is one of the bast games I’ve played in the last 5 years. Way better than GTAIV.
Bully and L.A. Noire can stay done though.
I was really excited about L.A. Noire. It started off great. A really different game. But then I quickly realized that each “case” was soooooo repetitive. I don’t think I made it past the 4th case before I gave up.
Red Dead Redemption was as really fun game, but never had the same replay value that GTA has – I still play that game.
Bully was another great idea, that really let me down.
Agreed. Really great game! A sequel would have big shoes to fill though.