I, for one, am really excited about this. I've played P&P V:M before, and have just finished the first game (Redemption). While I enjoyed myself a lot, I think many things could be improved upon.
Most importantly - the role playing aspect was really non-existant in Redemption. Hacking and slashing and gorefest galore... A pretty interesting plot, but too linear and too limited by the convention. What I would love to see in Bloodlines is something more similar to, say, Planescape: Torment - much more emphasis on the story and interactions than on pure fighting. I would like for it to give the true feel of being a vampire in the White Wolf way, the feel that only a very small number of P&P narrators can play out properly, making it all the harder. Christof's suffering in Redemption was basically just words, I couldn't really take it to heart.
I wouldn't necessarily mind a more or less linear plot, as long as I could do what I want, meaning I could pick up a chaingun and tear every enemy to bits (as the stereotypical Brujah), but it would also be possible to sneak in, concealed in the shadows, killing only when the need arises (Nosferatu or Assamite, but there won't be playable Assamites in Bloodlines - or so they say now
), or if I wanted to, I should have the option to go charm and posses my way in without any Bloodshed (Ventrue, Toreador). Even if all the key moments and twists of the plot were exactly the same for each type of approach, I would be happy knowing that I can get there in a number of ways.
Also, Disciplines should mirror the P&P ones, and I would prefer a "dot" attribute system, instead of how it was in Redemption (dots for Disciplines, but numbers from 0 to 99 for attributes).
It would be pretty cool if they pulled of something like in NWN for multiplayer. Redemption had its share of storytelling for multiplayer (I'm about to go try it out, but I've read a lot about it), it was a good idea, but actually doing it was slow and cumbersome. In this instance it's bad that it's Troika and not Nihilistic Software working on Bloodlines, because otherwise they could improve what they had already started, instead of staring over.
All in all, I will most definitely be following the news about Bloodlines, and if it comes to be that it's completed, I'll most certainly buy and play it.