Well, the TV show seems to be more or less a sequel to the movie. If there is a season 2 (nothing to suggest yes or no so far), it would probably take place a time jump ahead, like set in 2012 or 2014 and involve mostly new characters I imagine. The creators deal for AMC does allow for a second season if they want it.
I like the show but I don't love it. I think it gets a little too cartoony in the plot, like Bilbo's great adventures or fish falling out of the sky... yeah, probably an airline losing its cargo or some shit but c'mon. yes I'm sure there is some deep philosophical, biblical rooted metaphor for Malvo as Desire or the Devil but his character feels way too corny to me.