At a THQ press event in New York, executive vice president Danny Bilson confirmed that there will indeed be a Homefront 2, which reaffirms THQ's dedication to this new IP. While Homefront hasn't even come out yet, the company was quite vocal about the plans for DLC and an eventual sequel in 2009, a fact that they confirmed again back at E3. The fact that a sequel is in the works seemingly points to the fact that you won't quite be repelling the entire North Korean invaders in the first game, which is out on March 8.
The developers have talked about the game model lending itself easily to other locales, like London, potentially creating a series with long legs, building a franchise like Call of Duty for THQ. We'll have more details and the full interview with Bilson soon, so stay tuned for more information.