The Onion’s A.V. Club presents 13 Failed Attempts at Film Franchises. Most of these would-be franchises never spawned any sequels because they just weren’t very good, but there are at least a couple in that list that I think would have made for good sequels with the right script, like Buckaroo Banzai and Master And Commander. There are some good comments at Popwatch, where I found the article.