I'm wondering if hey're going to make a direct sequel to this Fire Emblem, I know it sold amazingly well in Japan (best of all them), and I think (only from unavailablility thread) it's the best selling in America so far.
They usually make games in "pairs" as far as connected Frie Emblems go, and this game has done well, so a second one is even more likely. (FE3 was a sequel, and partial remake, of FE 1, FE5 was a side-story of FE4, FE7 was a prequel to FE6, FE10 was a sequel to FE9, FE11 and 12 were remakes of FE1 and 3).
On the other hand, this game has way too many variables for a direct sequel, I think, if you consider all the S supports and possible children - and also the possibility of the player finishing this game without them. As far as something directly connected to this game goes, I think a
prequel would be more likely and this game has some set up for one (like how they made the First Exalt and Grima different characters from Marth and Medeus, even though both could have easily taken those roles as far as Awakening itself goes - leaving open the possibility of covering that first war in a completely new game).
Regarding a direct sequel, I could only see it working if it focused on a whole new cast, maybe a war in a different continent, with the returning Awakening characters aside from maybe Chrom being mostly extras - like the paralogue characters in Awakening, who then could be modified by the player's old save file from Awakening without heavily changing the new main game itself much. They tease some lands on the world map that had nothing to do with Awakening, so a set up like that might be in the cards too.