We spoke about Hotline Miami 2 with developers Jonatan Söderström and Dennis Wedin at GDC this year, and they said the sequel will focus on the emotional aspects of life in the 90s, with parallel plots spawned from events in the first game. Söderström and Wedin said Hotline Miami 2 was in development for PC, though it could ship same-day on Vita.
The main character in Hotline Miami, "Jacket," has a minor role in the sequel but won't be playable. Wedin called Hotline Miami 2 "the grand finale."
Source: @AgentTinsley