In my mind it was just as good as the first one, and I definitely want to see it again. Actually, to be honest what I want to do is watch the first one again, then watch it again. However I don't own it yet, so I'll probably join a video store and hire it next week.
I'm kind of glad I haven't gotten around to buying the first one yet, cause that means I can wait until they release the three movie box set and buy it then! :)
The second one was a bit grittier and a bit more gruesome than I remember the first one, at least for the first bit as they set up the plot for the rest of the movie, but once the set up is complete, the movie is as much fun as the first. The 3 (or 4 or 5 or 6 or whatever) person sword fight was wrong on so many levels, but oh so much fun!
As far as I can tell, every character that was in the first was played by the same actor in the second, so the sense of continuity was good.
And the best news is that film number three in the series is almost complete. As far as I am aware it's in post-production already, but it's not due to release until sometime next year. So now we wait. I do want to find out what happens to the dog! :)