Seems like this is something Reeves has to say often.  Just about any interview he has, someone asks him about a Cloverfield sequel (with good reason).  Unfortunately all of the main behind the scenes people have been so busy on other projects that it just hasn't happened.  While being interviewed by Total Film Reeves has this to say about the film:

"Well, you are going to see it - we just don't know when [laughs]...At the moment we are talking about the story quite a lot. Drew Goddard, who wrote the original, is going to pen the sequel and JJ Abrams is very much involved.

However, the three of us have been so busy that getting the right idea together has been taking a long time."

So yippee!  It's going to happen....but there's no telling when.  With J.J. Abrams finishing up Super 8 and then supposedly starting work on Star Trek 2 it could still be a long ways off.  That is if Abrams is as deeply involved with it as the first film.  When asked about the style of the next film and whether or not it'd also be shot in 'real time', he had this to say:

"You see, that's a difficult part: we want it to be shot like the first but how can you continue that idea successfully for a second time? We have a lot of affection for the original and the sequel can't just be the same thing. But that is tricky when you need to have a monster destroying stuff once again."

In the end, we're not much further than we were on this sequel.  The good news here is that the director seems just as eager/optimistic as the fans are to see this film get made.  Who knows, maybe Abrams will find a way to open his schedule and make this happen.

-Jordan