That's right folks! One of the greatest games ever made is getting a sequel! Sadly, it's not going to coming out for the PS3 though... Never the less! The game looks promising!
"Valkyria Chronicles 2: The Royal Military Academy of Gallia", takes place 2 years after the original game, and will feature an all new cast of characters. As one might have guessed, from the title, the game will have some what of a school setting... I guess Sega's thinking being "Persona 3/4 were good games! and they had school elements!", not sure how this setting will effect gameplay, that is, if at all.
Valkyria Chronicles 2 is set for a Winter release, this year, in Japan.