Well we could have some sort of sequel, like a sequel that takes place in the world of Planes but with a new protagonist.

There were a couple excellent NWN1 fan created modules set in Planescape which reference Torment; one even has an aspect of Ravel in it. (and gives a bit of speculation about what happens once the Nameless one's story ends)

I highly recommend anyone who owns NWN1 give a search for Planescape and Planer mods, the vast majority of them are very well done. (there was a major PS project in NWN2, but I'm not sure if that ever made it out of beta)

Another Planescape game would be welcome in my book if Obsidian managed to obtain the rights from Wizards (assuming they currently own the rights to the setting). Although I think the story of the Nameless One is probably something they should leave in peace.

Not closely related, but Obsidian also made Mask of the Betrayer, the first expansion pack for Neverwinter Nights 2. The setting of that expansion is very colorful, exotic and alien. I was constantly reminded of Ps:T as I was playing it through, and I highly recommend it to other Torment fans.

Well, T=the story line of Torment is done, in my opinion, but the setting is excellent, and maybe pursuing a different idea, such as Planescape: Despair, etc, for example, the espair of Ravel or something. Though to be honest, such metaphysical topics don't usually succeed in games.

Maybe not in 3rd Ed, but definitely in 4th ed - its in the Manual of the Planes. Also, considering the title was separated by a colon, it would definitely not be "Torment 2" but I'd imagine it would be a new protagonist with new companions (and maybe the occasional cameo of original companions) set in the same 'verse. You could essentially have a near-limitless franchise of "Planescape: XXXX" titles.
Feargus, however, is right. There is such a love of PS:T that any re-imagining or re-boot will likely draw tons of fanboy ire, caffeine-induced internet rage, and numerous angst-ridden diatribes equating Feargus to George Lucas and 'new character X' to JarJar Binks. For a glimpse of what I mean, look at comparisons between the original Fallouts and Fallout 3/Fallout: New Vegas or (my personal favorite) the Star Trek reboot a few years ago that had people all up in arms and hyperventilating about 'breakign cannon' and 'J.J. Abrams hates Trekies' and all that horsecrap.

That being said, I'd love to explore Sigil and the planes all over again. Much more fun that the run-of-the-mill elves/dwarves/evil necromancer rehash which flows from the Fantasy RPG nozzle anymore.

I would like another Planescape game with maybe some references there and there to the nameless one and his story but I would like a new Planescape to stand on it own story wise, so in other words not a sequal but another game in the Planescape/sigil atmosphere.

But I do want the brothel for slating intellectual lust to return and fall from grace being a companion again.. Or maybe Morte as well simply cause they are awesome...

Really, any game set in any of the other various D&D campaign settings other than Forgotten Realms would be welcome at this point. Dark Sun is one of 4th edition's settings, make a game that is set there. A brutal, harsh desert planet ruled by power hungry sorcerer kings? That demands a modern incarnation, considering that we'll probably never see the (surprisingly great) DOS Dark Sun games unless GOG gets the rights to the SSI catalog, which I imagine would be a bit of a licensing nightmare.

Also, I would not be adverse to another game being set in the Planescape setting. Maybe because the world was one of Torment's strong points, but obviously that game wrapped itself up quite well.

The idea of a direct sequel to Planescape bothers me. I guess I'm so used to publishers spitting out god awful sequel after god awful sequel on any game that does mildly well anymore. I would be more okay with the idea of a sort of spiritual sequel to Planescape, maybe with a different name altogether, but acknowledging somewhere that it's the spiritual sequel to Planescape: Torment. I'd just really hate to see this games name dragged through the mud by some greedy publisher.

Brother, I hear you! I often tout this game as one of the best stories of all time. I love it more than any other story I've read, played, or saw. Nothing comes close to this. A direct sequel I also feel uneasy about. However, spiritual successors (System Shock and Bio Shock) give plenty of freedom within a similar vain. I would for one very much enjoy more atmosphere like Torment. But I don't feel as if another story would ever be written nearly as well.

This shouldn't get a sequel, at least not directly. The story wrapped itself up very well, and any attempt to reopen it with the same characters would likely be of poor quality since it would need to bend over backwards in order to justify why.

A spiritual successor would be the much better choice. I found the Planescape setting interesting overall, and would greatly enjoy another story that chooses to explore it further.

Another game in the same universe would be awesome. However, besides the fact that Torment was a commercial flop, I'm pretty sure TSR discontinues Planescape quite a while ago, making any computer game tie-in highly unlikely.

Who owns the rights to Planescape: Torment right now? Are they doing anything with it?

I would assume Wizards of the Coast would own the rights to any future Planescape project or anything D&D related for that matter.

for the game, i'd say atari.