While talking with Total Film, Matt Reeves discussed the status of Cloverfield 2, but not much has changed since last time Matt Reeves spoke 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."
I think it will be a while before we get a sequel if Cloverfield 2 is hinging on J.J. Abrams finding time in his schedule. Between directing and producing, J.J. Abrams is getting more busy, not less, and with Super 8 about to hit theaters and a new Star Trek movie needing to go into production ASAP, I think Cloverfield 2 may take the back seat. With that being said, however, I could see more interest in developing a sequel after Godzilla and Pacific Rim get the studios excited in monster movies again, so we'll see...