Nah not a full sequel, but I'd like to see a game that has some of the aspects of The Line set in a different conflict. (we need a good Vietnam game, for one...)
As a few guys are saying though, you don't want it to be too much like The Line, that'd just ruin the point as it was the kind of thing to be taken on it's own. But if a Line-ish game does come out, I don't want to see it be super drop dead serious all the time, there's way too many games like that already. In particular, drop all notion of the whole 'if you want to prevent the atrocities, stop playing' thing and make it play less like a 3rd person shooter from 10 years ago.
Spec Ops: The Line did the whole grim, morally ambigious hell thing very well. We'll probably never see another game top exactly what it did, so instead of trying to basically recreate it in a different style, it'd be better to instead take some aspects of it and use them in something else. I get that The Line isn't meant to be a fun game, but if you essentially just remake it, what the hell's the point? Why not play The Line?
My perfect game at this point would be some mish-mash of The Line, Bad Company and Fallout. If a shooter comes out that manages to be fun to play and also has something to say about what the player is doing and experiencing without taking itself too seriously, with a good dose of player options and influence on the world, then I'll be pretty damn happy.