Wow, never heard about that, will have to have search around the internet. Lol, it's likely that FFVIII-2 would consist of dress spheres and a complicated plot that would confuse the first games story and ruin a lot of people's ideals.
Have you ever read this theory?
Squall's Dead - a theory of what really happens in Final Fantasy VIII
It's an interesting read, with a well presented argument though I don't believe it myself. I am of the belief that Ultimecia is Rinoa though =D