Actually addressing the topic at hand, I really don't think this needed a sequel. I'm not a fan of the "found footage" genre either. The only ones I've enjoyed are The Blair Witch Project, and REC. Both of those movies had enough of a premise as to why the events were being shot.
V/H/S wasn't much. The wraparound segement was pathetic and annoying, just as those here have said. I did enjoy the first and last stories somewhat, and that's about it. Hopefully this one will go the same route, as in, get a one night preview on HDNet Movies so I don't have to pay to see it.
CINEMA PAFF - Your BB-Movie Showcase *
* - The extra B is for BYOBB