I went to see it at the cinema, my face hurt from laughing for days, the muslim disguise when Gary is going to infiltrate the terrorists had me in stitches.
i got the region 1 uncut version - and have only seen that version - so unsure whats cut and whats not! but i have a fair idea. during the sex scene - one puppet "scats" and pees in the others face!! laugh? i nearly died!
Nope, apparently Matt and Trey were so involved with making the film they were totally exhausted by it, and swore never to make a puppet movie ever again.
But then while making the South Park movie they said they'd be finishing the show after another season, and then they said the same thing during Team America and it's still going strong, so they say things they don't mean when they're tired, but I wouldn't expect to see a sequel.
I still want them to make the movie version of "That's My Bush!" it'd be great. Mentioned here: http://uk.movies.ign.com/articles/302/302028p1.html But from the sounRAB of it it may have just ended up becoming Team America.