Same engine, plus some improvements over existing system. More or less like Mass Effect 2? Like next year's Mass Effect 3?

Wintersong got it right. It will most likely be a rebuild of the same engine with slightly improved graphics. Some people knocked DA:O for it's graphics, honestly I can't see why. Sure they could have went with "Crysis" high end graphics and pushed the system reqs, but why? The graphics more then get the job done and no one can say the game isn't amazing. I'm completely stoked for next year now.

DAO development took like 4-5 years (can't remember exactly when it was ANNOUNCED).

The game's content was locked down last spring, before E3 i think. The rest of the year was spent on polishing and testing etc. A month or so is needed for printing copies etc. Awakening has likely been in development since autumn or so.

Even if DLC and expansions are done by a smaller team, i don't think the rest can make DAO2 within 1.75y. Sure, there's likely to be enough story material and ideas, but building the game areas, making new stuff, testing, all this is going to take time, a lot of it, ESPECIALLY since "2" implies a whole, complete game, likely similar in scope and lenght as DAO. If they re-use every model, sound, texture, etc, maybe then they could make another game.. but it wouldn't be 2. More like 1.5. Or a DAO:Remix.

Most likely it's another expansion, or some sort of collection. Or maybe another Dragon Age game, but not DAO2, like different genre or something else. Not necessarily by Bioware either, EA owns BW, and thus, AFAIK, DA IP so they could've put another team to work on another DA game.

If i recall correctly, BW spokesperson said that they have plans for DLC for some 2 years. Maybe the plan's something like this: First (small, DLCs are tiny) expansion withing 3.5 months, maybe another later on... and then a year and a couple of months later first BIG expansion. And DLC every now and then.

I would normally agree except that I know they have Huge internal teams. Also, they said from the start DA would be a "trilogy". Most likely part 2 has been half done for over a year and they finalized it's plans once they knew for sure DA 1 was a commercial hit. They're also using the same engine. Building with a bunch of tools they made and have experience with isn't a problem for them.

I'm also going out on a limb here and saying it will be pushed back, Bioware games usually are. Still, I'm pretty sure they can do it by then and we'll still have a top quality sequel. Chances are it's been in the works almost as long as part 1.

Probably the same way that Elemental was in development for how long with nothing to show for it, but once the tools were built content started appearing in a hurry?

Stardock's devs themselves have said that building the engine, tools, and support stuff is much more work then building the actual "game" itself. All that stuff is already in place for Dragon Age 2, all they need is content.

Which is why we are worried lmao.

You are just jumping to conclusions. 

Announcing new stuff for february 2011 doesn't mean it's going to be an actual sequel.

In fact, I'm ready to bet it will be more likely a second big expansion, like Awakening.

I think I'll continue to wait patiently for the Dragon Age: All The Shit Is Included Now Edition. 

I don't think they would have changed the Logo just for another expansion. I guess it's "possible" they might, but I doubt it. I'm pretty sure it's the sequel.

Nothing; moody bitch didn't get one in my timeline.