Read in the news today about this coming out some time in '08.
Link to the USA Today Article Here.I am personally looking forward to this. Guillermo del Toro is directing, and
Pan's Labyrinth was awesome. The article said that there would be influences from the fantasy-world, and I think it could blend in well. I enjoyed the first one, and I don't see many major problems that would immediately rise to the surface.
The one thing I am wary about is the fact that Hellboy and Liz would already be together at the beginning of the movie. This is only a problem because of how their coming to terms relationship was such a major piece of the first movie.