What made the original special was that it was designed, programmed, and visualized all by Eric Chahi himself. He was assisted only with the sound and actual production. The fact that it's all on-rails and scripted (hence the term coined to refer to it, "cinematic platformer") is what made it so special and memorable an experience. Any implicit "world-building" told through level/art presentation was meant to serve as a vehicle for invoking a certain emotional reaction. So, expanding on that world wouldn't get you anything more interesting than, say, the plot of exploring the home planet of a particular race in Mass Effect. The mechanics you described reduces it to some Uncharted/Dark Souls/Assassin's Creed Wannabe No. 843201. Being a copypasted mishmash of mechanics and level design choices from other games fundamentally misses the point of what Another World is all about.
The only way you'd make a good Another World sequel is by not making an Another World sequel. You'd need to make something completely new and different, but that follows in it's tradition. A few games that have already done something close to this in modern times are Prince of Persia: Sands of Time, and Cave Story. Cave Story, being completely handcrafted by one person, and being filled with a lot of storytelling via "show don't tell" follows in the tradition of a unified vision of what the game looks like as an end product. Sands of Time, while developed by a much larger team, follows in the vein of Another World in terms of mechanics and genre; a "cinematic platformer" in the sense of being on-rails and having emphasis on puzzle-solving and exploration within the confines of said rails.