Question
The spike where the flowers come from now has a flower on one side and a plant leaf on the other side.  The other spike has no flowers but a plant is there.  Now should I cut the plant off?  Is this a starting of another plant?  Do I plant it in the bark?  

Answer
This called a keiki. It will develop into a copy of its mother plant. If left, it will develop leaves, roots, and could even flower when old enough.  Don't remove it until it has well developed roots.  Then, just cut the umbilical cord (you know how that goes) and pot in a miostened orchid mix in an appropriate size pot.  Good luck with your new baby.