I've played the HD version they put out on PS3 and PC. Stranger's a fantastic game, great characters and quirky, sometimes dark humour. The Clakkerz had some great lines - "I heard he's so bad because he weren't breastfed"
It's set in the same world, apparently it's just on the western part of the continent that Abe's games take place in. They were originally going to create a quintology of Oddworld games, with each new game in the quintology adding a new hero. Abe's Oddysee, Munch's Oddyssee and Stranger's Wrath are the three quintology games, with Exoddus being a sort of bonus one. Apparently they're looking in to continuing it somewhere down the line, wouldn't say no to a game featuring Stranger and Abe working together.