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Guild Wars has a massive war being waged right now in the "War in Kryta." This war is just one of many events planned for Guild Wars that will shape the face of Guild Wars 2 story and events.
This war will determine whether or not the White Mantle or the Shining Blade rule the lands of Kryta. The faction that wins will undoubtedly play a major role in the upcoming sequel. Players may purchase faction costumes, but are not necessary to participate in the quests for this war.
Various Guild War 2 reveals will come about by way of new characters and events still planned for Guild Wars. Players themselves will also play a significant role in the sequel. Despite taking place 250 years after the original title, players are able to leave their character's legacy behind for future generations.
Guild Wars 2 will be released "when it's done."