E2 was so stupid it was brilliant. The lines were so cheesy, only a genius could think of that. "Your ego is as big as a big dinosaur" was amazing for instance. The first scene was really fun. The movie itself is the kind of bad movie that is good because of how dumb it is. It's not as boring as the first one. But it needed to have more fights. I can't think that someone is badass only because he uses a machinegun and he screams at the same time. Chuch, Arnold and Bruce didn't seem badass to me. not to mention the gunfights were really lame and disappointing. Chuch was funny though.
Statham had the best fight scenes of the movie, but his duel against adkins was a letdown, because of the editing. The editing was better than in E1 though. Van Damme was awesome, but he didn't get much to do, which is a shame. He did well in his fight, but the fight itself is nothing special.
I think most of the action was very generic, and that's a pity. E1's climax was better IMO.
I wouldn't say I was disappointed, because it was funny and I had a good time. It was better than E1 in almost every regards. But there is a lot more potential than that. Lundgren barely did a thing, and Couture should have at least a real fight, considering he's a beast.
In the end, I would say the movie itself is brilliant because of its dumbness (when Stallone tries to be serious, it becomes a masterpiece), but the action is mostly a letdown, save for the opening scene, and statham's fights, which were good.