Bethesda sure is one busy company and i didn't think a Prey sequel would come to light.The company recently acquired the Prey franchise from 2k games in 2009 and is aiming for a 2012 release on Xbox 360, Playstation 3 and PC. Development of Prey 2 is still being handled by the original team, Human Head Studios, and is using the id tech engine. id tech 4 might be the engine for Prey 2 sine They apparently have been in development for quite some time now so the use of the latest id tech 5 engine(the game engine powering rage) was never an option.
No other information about the game but at least Prey fans now have something to look forward to.
[UPDATE]: HumanHead Studio's just released a debut trailer of Prey 2. It's a live-action trailer and has no gameplay footage. Not too thrilled by the trailer but enjoy.