Update: Gears of War designer CliffyB confirmed during the keynote that a sequel is in the works. Planned for a release in November, he said that Gears 2 will be "bigger, better, and far more bad-ass." No specific details on the title were revealed.
Original Story: Moments before Microsoft's GDC keynote kicked off, a press release issued by the company's Italian PR team confirmed that Gears of War 2 is indeed in development and it's heading exclusively to the Xbox 360 in November 2008.
Let's hope Microsoft releases details on the game - in English - during the keynote. More as it breaks.