We report the identification of 32 transiting-planet candidates in HATNet field G205. We describe the procedures that we have used to follow up these candidates with spectroscopic and photometric observations, and we present a status report on our interpretation of the 28 candidates for which we have follow-up observations. Eight are eclipsing binaries with orbital solutions whose periods are consistent with their photometric ephemerides; two of these spectroscopic orbits are singled-lined and six are double-lined. For one of the candidates, a nearby but fainter eclipsing binary proved to be the source for the HATNet light curve, due to blending in the HATNet images. Four of the candidates were found to be rotating more rapidly than vsini = 50 km/s and were not pursued further. Thirteen of the candidates showed no significant velocity variation at the level of 0.5 to 1.0 km/s . Seven of these were eventually withdrawn as photometric false alarms based on an independent reanalysis using more sophisticated tools. Of the remaining six, one was put aside because a close visual companion proved to be a spectroscopic binary, and two were not followed up because the host stars were judged to be too large. Two of the remaining candidates are members of a visual binary, one of which was previously confirmed as the first HATNet transiting planet, HAT-P-1b. In this paper we confirm that the last of this set of candidates is also a a transiting planet, which we designate HAT-P-8b, with mass Mp = 1.52 +/- 0.18/0.16 Mjup, radius Rp = 1.50 +/- 0.08/0.06 Rjup, and photometric period P = 3.076320 +/- 0.000004 days. HAT-P-8b has an inflated radius for its mass, and a large mass for its period. The host star is a solar-metallicity F dwarf, with mass M* = 1.28 +/- 0.04 Msun and Rp = 1.58 +/- 0.08/0.06 Rsun.