Believe it or not, this sequel is finally being filmed. Starring Sean Patrick Flanery and Norman Reedus (the original saints), director Troy Duffy has begun blogging on the set of the film, clearly excited that this movie has finally come to fruition. Duffy was the subject of the uber-interesting 2003 documentary Overnight, which chronicles the sharp rise and mammoth fall of the bartender-turned-filmmaker courtesy of the then Harvey Weinstein-run Miramax.
Link to the Duffy blog: http://www.youtube.com/watch?v=3UkK9izJMIU
Link to Overnight trailer: http://www.youtube.com/watch?v=RuhVMTE8adc