I sincerely loved the first one, but this trailer just looked cheesy as hell. The whole, parrying the chaisaw and then flipping the lancer over to stab the guy...ummm..yeah
Gears of War is like Super Mario Galaxy. The storyline isn't really that important, so all they have to worry about is gameplay, and they pretty much have that nailed down. It would be difficult for them to screw the second one up. But it would also be cool to see what they can add on, especially because of the upgrades to the Unreal Engine.