I absolutely loved the first one. It is on my very short list of horror movies that are actually scary, and it is, in fact, downright terrifying. I can't wait for the second one. I am not a Spanish speaker, but I don't mind subtitles, and I'll happily skip the remakes.
That said, I am not sure where he can really go with this. [REC] was a pretty contained story that did not beg for a sequel. I hope he plans to actually progress the story and not just give us a repeat of the first. The "plot crunch" above had no plot elements in it, but was just a vague marketing statement.