Planescape: Torment is a very hard act to follow. It's story was well-told and complete, and I honestly don't feel it needs a sequel. However, from reading the kickstarter page, it seems as though they're going for a spiritual successor, with no characters or settings from PS:T carrying over.
Personally, this game's got my hackles raised a bit, mostly on account of the name. Like you've said, Tenzhi, it seems to be doing a lot fo coattail-riding, touting its similarity to PS:T and the fact that many people working on it also worked on PS:T. Honestly, I feel this is a terrible decision and that they should let the game stand on its own merits - if their universe and their game is anywhere near as good as they're hyping it, then it should be able to hold out fine on its own without having to cling to PS:T's legacy like that.
