Code Geass was always super-popular, so something like this was inevitable.
Conceptually speaking...I don't like the idea of making a sequel to it, at a glance, but they could make things work out. Best case scenario, it'll be more interesting than we might imagine. Worst case, it'll probably still be entertaining either way.
Since they're apparently going the "compilation movies with new scenes" route too, as preparation for said sequel...I guess that might help them streamline the messier parts of the two seasons..
Frankly, I think Akito gets way too much flak. Akane is a talented director and there are lots of his quirks, positive and negative, involved. I liked it well enough.