Actually, the first movie I thought of when I saw the thread's title was Super Mario Brothers. That one definately set it up... but never made a sequal! Interestingly enough, the first one was enjoyable.
Hmmm, as for other movies though (since CL beat me to the punch)...
Can't think of any. Well, except for the new Planet of the Apes... only because its ending was terrible and broken. Not sure I'd watch a sequal, however.
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