We're working on an idea right now. We have an idea that we think is pretty cool. The key in making any sort of sequel is that it better not be a business decision. It should be something you are inspired to do. There will be something that is connected to Cloverfield. I hope it happens sooner than later because the idea is pretty sweet.
At this time, Cloverfield 2 does not have a set start date, though it was previously reported that it would be released in 2009. That is highly doubtful at this point.