Part 2 attempts to recreate the first film but falls on its face. I've never understood the love for this one. It remembers the core dynamic of the family but has trouble keeping it real like the first film did. The cast try to do what they can with the script but some of it is just unwatchable.
The actor who plays "Kane" is so chilling though it almost warrants an extra star from me.
Part 3 isn't much better but it seems comfortable in being just a "creepy ghost story." The visuals are fun and imaginative and the actors have good chemistry and are generally engaging. The abrupt ending (due to O'Rourke's untimely death) hurts the film the most but I find it more rewatchable than the second film because instead of trying to redo part 1 (which is impossible) it goes in a different direction with the material. Neither sequel is particularly good but they make for an amusing night of "horror."
As far as I know the remake is still in script stages (Oct/Nov 2011 is the time-frame they hope to get it out by) and an early script review leaked that it's fairly similar to the first film in structure except many of the characters have different names.
I doubt we'll see 2/3 hit BD anytime soon in the US just because they may be in MGM's hands as far as I know and they're having all kinds of issues. Then again, they may be part of the bunch that FOX has rights to now (Carrie, for example) so maybe they do in fact retain the US rights for the sequels.
I believe MGM was/is developing the remake up until this point but no clue if it's still moving ahead considering they even put off the latest 007 movie... which is likely a much bigger priority.