In terms of modern car-movies, Gone in 60 Seconds has to be far from the worst in the "new era." That title would probably go to Redline, followed by the last few Fast and Furious movies, but truthfully, Gone in 60 Seconds was a pretty good movie. Granted, nothing lives up to the McQueen origional (nobody can touch him), but it did a decent job.
...I'd care more to hear about the story than anything else. Sequel-wise, it probably isn't the best idea, but it is awfully hard to criticize something when you have no idea what its about...
As long as they make it dark and gritty, filled with tasteful car Pr0n, and of course a wonderfully long chase sequence, then it would be worth it...