The visuals were gorgeous, the effects were well-done and quite spectacular, and I really liked the action scenes, particularly a lot of the fight choreography. But I think the script was kind of lacking. It felt very disjointed or schizophrenic, with a lot of tonal whiplash and sudden changes in character. The acting was good, given the lines they had to deliver, but there were a number of spots where I thought "oh, did you really have to go there? Come on."
By the end of it, I figured that probably the script had gone through several revisions with various people sent in by the studio to add in a lot of standard Hollywood junk and that whoever worked on the script just didn't really get what made the first movie so good, which is very strange because I think it was Guillermo del Toro who wrote the screenplay for both movies. So I don't know what happened.
But as I said, it was very, very pretty, so I wasn't unhappy that I spent my time and money on it. I was just disappointed that it wasn't as good as it could easily have been.