Without spoiling anything, you'd get about 98% of the experience if you play this directly. It's set in a different time and place, so it's not a direct sequel. However, there's a very clever reference to the first game and its setting.
Either way, you should play this game, and if you have the time, play the first Bioshock before it. It's a fantastic game as well. I personally haven't played the second game, but I'll try to make the time for it - especially the Minerva's Den DLC.
I started playing Bioshock 2 and tbh it was the most addictive game I ever played (other than DotA ). Saw the trailer of the latest Bioshock and I was really eager to play it...... BUT 5 weeks back my GPU got destroyed. Still trying to get a good mid-ranged GPU. Can someone suggest a good one plz?
My config : Intel i5 - 2400 CPU, 3.1 Ghz, 4 GB RAM (DDR 3), 500 GB HDD.
You don't need to play the first 2.