Is there going to be a warriors orochi 2?

Yes, it's called Warriors Orochi: Rebirth of the Demon. Comes out on April 3rd in Japan. They added Nu Wa and Fu Xi. There is Dramatic Mode, Survival Mode and Versus Mode added. All the SW2XL are added as well. Maps from SW2XL are added and brand new maps for WO:RofD are added too. There will also be new gameplay systems. It is for the PS2 (at least).

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in England and America, it's just called warriors orochi 2, anf it comes out on the 19th of September 2008 in England, and in America, it comes out on the 23rd of September 2008...i can't wait. oh, and there are many other new characters from Chinese and Japanese history (not all from the times that DW and SW games are set) and it will be for xbox 360 and ps2 (both same release dates)