Sure. The only problem with 1, was that they didnt even realize the power of the PS3 so it was kind of weak from a graphical standpoint. I'd love to see another. I just hope its exclusive!
Sony owns the IP so it's only going to be on a PS platform if they pick it up again. Who they'd put on it is another question, unless Ninja Theory was open to doing it again since they already had some stuff together for a sequel.
Now Playing: Final Fantasy X HD
Off topic, and this game was rightfully cancelled. I didn't like the original Heavenly Sword at all.
EDIT: Also, Sony Cambridge, the guys who did LBP PSP, were going to do HS2.
Not sure why some don't like this game I played the demo and it felt awesome, dare I say it even better then GOW.