I'm speechless to be honest. I can hardly believe this is an actual thing that actually exists. I mean, I'm playing it up a bit, but I played Xenoblade for the first time at the end of 2015 and fell in love with it. Xenoblade X also came out at the end of 2015, which is unrelated to Xenoblade as it's set in its own universe with its own themes and gameplay style. Xenoblade 2, as appropriate, seems to be more in line with the original Xenoblade. For reasons I won't get into, I'm not sure if it will actually be in the same world as Xenoblade or its own world like X, but will carry the original's feel more.
Xenoblade X was touted as the "spiritual successor" to Xenoblade. Whatever your opinions on either game... I don't really think this is the case at all. I mean, sure, you're exploring a huge world with a superficially-similar battle system and fantastical landmarks, but X has a far different setting, story, themes, and the combat isn't really the same at all once you get into it.
This could be Xenoblade's true spiritual successor, if it takes place in its own universe but follows the same style of game Xenoblade did. Granted, based on hints from interviews after X's release, 2 might be an open world game like X, but it appears it'll follow more closely to Xenoblade's themes. Which I'm personally happy about. If it does take place in Xenoblade's universe somehow, I hope that it doesn't do anything to screw with continuity or its ending.
Supposed release date is 2017 at least in Japan, which... almost seems too soon, considering X's release date. Unless X's localization just took ages and they had immediately started developing 2 during X's localization. Which... wouldn't entirely surprise me. But still, color me massively hyped.