It's about damned time! I have seriously been waiting for this since I played Red Dead Redemption for the first time. While we don't have an official release date, or anything beyond the fact that it's coming, there's also a remastered version of RDR coming some time later this year for PS4 and XBOX One, with the possibility of a PC port.
With little beyond the title, Legends of the West, to go on, we could speculate till the cows come home about what could happen in this game. Personally, I'm hoping to see a new adventure not directly tied to John or Jack Marston at all. The term "Legends of the West" makes me think that players might have multiple characters, and even stories, to play through, similar to GTA 5. Rumors state that RDR2 will have a bigger open world than RDR, which is interesting, considering how open the world of RDR was originally.
Here's hoping that RDR2 is simply the next blockbuster game to come out of Rockstar, and that maybe they'll be willing to finally do a sequel to one of my other favorite games of theirs. Bully.