Sony has announced that God of War will indeed be getting a New Game Plus mode.
The God of War New Game Plus mode works in a similar way to other games. In that you'll be able to reset story and quests progress and start over without losing your character progress.
Things like you armour, skills, loot and so on will remain. Developer Sony Santa Monica is currently working on finalising the details, but it promised a more challenging second run thanks to increased difficulty; a way of balancing against end-game power being present in the early game.
New Game Plus was one of the community's most requested feature, right up there with photo mode, which Sony added shortly after launch.
New Game Plus does not yet have a release date, and there are still a few things we don't know about it. Sony Santa Monica promised more details later, but was sadly not able to promise a release date.
It's not the new God of War content some were hoping to get at the Sony E3 showcase, but it'll have to do.
God of War has so far sold over 5 million units.