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I think it depends on how the films are presented. If a sequel is part of a continuing storyline, like say the Matrix sequels or Star Wars prequels, it can be kind of disappointing to a real fan if they see characters, plots, etc that completely undermine the expectations of those who were fans enough of the original movie/movies to have come back for more.
And if they screw it up enough I can certainly see a fan having it affect their opinion of the original(s) because they know how disappointing a character will turn out. It might affect the ability to enjoy the original as much as before, although it would have to be really awful to turn all but the most dedicated fan against it completely.
Screwing with the story or favorite characters is completely different than making a sequel just to cash in on the popularity of the original. Direct to video/DVD sequels, like Disney's, are a prime example of this. The thing is I think expectations are so relatively low for a release like this that it is much less likely to affect the viewer's opinion of the original. Sure, it might be crap, but how good did you expect it to be?
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