Oh hell yes.
The lovely folk at XSEED have announced that the sequel to the awesome Corpse Party will be heading to both North America and Europe. Those in the states can expect to see it sometime in the Winter, with a European release shortly afterwards. Expect to see it sometime in the next few months, then. It'll be releasing on PSP, and as yet there is no word as to whether it'll also be playable on the Vita. No immediate response on the subject is making me doubtful it will make the next-gen jump, but hey, stranger things have happened.
Corpse Party: Book of Shadows mixes it up a bit, utilising a point and click style of gameplay, as opposed to the top-down style from the original game. However, just because it's a little different doesn't mean you shouldn't expect the same quality of story. In fact, XSEED are saying that there will be even more dialogue for you to get stuck into.
To celebrate the announcement, the original title will have a 50% discount for two weeks, beginning October 23rd. There are plenty of us at Japanator that absolutely loved it, but if you need some more convincing, be sure to check out the review. We'll be sure to have a write-up of the sequel when that comes out.