Skate 2 has been released with a little bit of plot revealed. This is from the IGN preview:
Recently, EA announced it was working on Skate 2 for PS3 and Xbox 360. And that's about all EA was willing to say about the sequel. However, the official Skate website has several teaser videos. None show gameplay, but two of the videos provide hints on the setup for Skate 2.
According to the videos, five years have passed and San Vanelona is very different place. Shortly after you won Skater of the Year, your character disappeared. No one knows what happened to him, but the skaters of San Vanelona hope he'll come back. And they need you. In the past five years, the cops have cracked down on skaters. Caps were put on rails to make it almost impossible to grind and "No Skating" signs are everywhere.
San Vanelona was once a paradise for skaters. Now it's their worst nightmare.
That's all we know about Skate 2 so far. No gameplay details have been provided, though it appears things won't be so easy in the sequel.