Sam Raimi's Oz The Great and Powerful did pretty well over the weekend, and Disney has unsurprisingly already started work on the sequel. Sam Raimi recently said that he wouldn't be back to direct the sequel which is a shame, but the cast of the first film is expected to return.
I've seen a lot of people ask if the sequel would include Dorothy, or be a remake of the Wizard of OZ, but that's not the case at all. I didn't think Dorothy would be a part of the next film, and producer Joe Roth confirmed that telling the LA Times that the sequel “would absolutely not” involve Dorothy. He went on to explains that the script screenwriter Mitchell Kapner is working on takes place "20 years before Dorothy arrives. A lot can happen in that time."
They could have as many sequels as they want and not get around to Dorothy anytime soon. I'm sure somewhere down the line, if the movies continue to be good and do well at the box office, Disney will introduce their own version of Dorothy. But until then, I for one am excited that Disney is looking to explore more of the Oz world created by L. Frank Baum. There's a lot of great material and characters that they can explore.