Collider got some news on Cloverfield 2 at the 2008 Saturn Awards.

When director Matt Reeves was asked about a sequel to Cloverfield, he replied that the project is not dead in the water, but just “on hold.” Turns out, rumors that the second film would be the same as the first, just from a different perspective, are not true. They do not want to do the same film , but something new, and something that is better than the first. We will just have to wait and see what that is, and if they can really top themselves or not.

You can watch the the video interview here.