I'm going to be honest: I fell asleep for at least a couple of minutes during this movie, right between when Holmes & group got some horses and up until their escape from a trainyard.
Sorry but this movie was a snorefest to me. The overcomplicated plot made it hard to easily follow the plot (ok so I was expecting a dumbed-down movie, what can I say) and it was way too talky for me - just about every plot point was revealed during some type of dialog. (I generally dislike movies that rely on following the dialog to get what's happening and prefer movies that you can follow visually and don't need dialog to know what's happening.) Some of the transitions didn't make a whole lot of sense either. It sort of felt like the Pirates of the Caribbean movies where stuff just happens without much explanation.
RDJ and Jude Law were both good as expected, and the Moriarty guy was good too, though for me Moriarty was a little too "present" in the movie. I was sort of expecting him to be a more mysterious character and literally in the shadows.
IMO this movie seemed to take itself more seriously than the first one and that's where it lost me. The dark visuals and washed-out look didn't do anything to grab me either - it was actually sort of off-putting, with the drab colors.
I wanted to like this movie but I just found it too boring and uninspiring, which is why I fell asleep.

It really seemed to drag too, as far as the use of slow-motion and the mental planning. I thought the slow-mo was extremely overused in places that didn't really need it.
In the end, the movie's style just didn't appeal to me - the cinematography, editing, dialog, slow-mo, etc.