One of the former Paragon studio devs said they had begun work on City of Heroes 2, but NCSoft axed the project before it could make much progress.
Also, I'm not sure I buy the argument that they're trying to lead CoH players to their other products since they haven't made any "consolation" offers... one would think if that were their aim, NCSoft would be offering X number of credits in the GW2 store for former CoH subscribers, or a month or two of VIP status in Aion, or something similar to lure them to their other games. That hasn't happened.
On a side note, I've been playing a lot of CoH today (trying to get my stalker to 50) and couldn't help but note the sheer variety of powersets in CoH compared to other MMOs. Taking a quick look at paragonwiki, there's 122 available primary power sets and 118 secondary sets spread out amongst 14 archetypes (counting warshades, peacebringers, widows, and arachnos soldiers as separate archetypes)... not to mention 9 special power pools and 46 epic power pools (counted patron pools as epic pools) and 50 different incarnate powers (mind you, each of those incarnate powers have branching upgrades that change their effects).
Character customization really is CoH's biggest strength, from power tweaking to costume customization... the game is second to none in terms of customization (Champions and DCUO put up a valiant effort on the costume front, but it just they just don't match the number of costume parts CoH has).
Edit: In case anyone is interested, one of the former devs posted an old copy CoH's lore book that adds quite a bit of background to a number of villain groups and gives a glimpse on how they were to develop as the game progressed, though for some groups the devs wound up going in a different direction. Also, a group of former devs went ahead and answered a number of lore questions asked by fans in a forum thread.
https://docs.google.com/file/d/0BypRfkMsgQOiUXJLUzY4QlhtN2M/edit?pli=1https://docs.google.com/document/d/19qbHHrRmifxGPz60-_ApLNiwOmF5QVEMrXHgB1Nrd4o/preview?pli=1&sle=true