Although we have little information yet, Gamehelper has translated a german interview with some Crytek employees and a German website (Gamestar) about the upcoming FPS, Crysis.  While it does not exactly seem to be a follow up to Far Cry, it certainly sounds like they took everything that made FarCry great, and improved it.
“There will be a high degree of interactivity with the environment. For example, if you shoot a tree then it falls down and you cant hide behind it anymore [unless a player lies down], if a tree falls across a road a jeep cant drive across it, but a tank can. They (the trees) can fall on someone’s head and kill or injure them. It is a very complete game (world). If a tree lies across the road then the AI knows this and stops the jeep, the ability to destroy the world is not just a side story but is crucial to game play.”

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