The new film is very much a sequal as it takes up where the last film left off. Bruce banner is in south america trying to find a "cure" for his Hulk syndrome. And it does contiune on with very many nods to the first film.
There are however some GLEAMING plot holes. First, in the first film his gamma poisoning was an accident and here the new film refers to a time when he was experimenting on himself and something went horribly wrong. Second the general, who is the father of the main love interest says to his daughter at one point "you've never seen him like this" ignoring the whole fact that is was SHE who was the only one who could calm him down in the first movie and did MANY times.
Also as in Ang Lee's film the Hulk, much like in the comic, has a body that can change as it gets hurt. The more bullets he gets hit with the larger and stronger he gets. In this film the Abomination should have been toast in no time.
At least they gave the Hulk some dialioge, well deserving.... HULK SMASH!