BioShock 2, would take his actions in the first installment into account. Without a save game import feature (ala Mass Effect 2), how could the sequel register the player's decisions in the original? The answer was recently revealed by Bioshock 2's creative director, Jordan Thomas: Ambiguity, my dear Watson.
Speaking to MTV, Thomas explained that, "the things that he did are being fiercely debated by the splicers, because we wanted to support any of the choices the player could have made in the first game." He later added, "It's become kind of a religious question; what he did at the end of BioShock 1." This plot device is probably for the best -- if the splicers in Bioshock 2 knew about our actions in the first game, all they'd debate about is why we spent ten hours wandering aimlessly around the city, desperately hunting for audio cassettes.