They're releasing it on August 10, a week after Jason Bourne 4 and the Total Recall remake that no-one wanted. There's pretty much no hope of this movie making money, so I'm guessing it will have a pretty small budget so that Paramount can bury the costs in merchandising royalties. This could very well be the most half-assed sequels of the decade. Barely any returning cast, a completely mismatched director, a unenviable release date... The only thing that could make this movie worse is if the script royally sucks, but even if the script doesn't suck it won't be enough to save the film. The only thing that I liked from the first film that still has even a chance of being in the new movie will be Snake Eyes and Storm Shadow, and even then, they might re-cast Snake Eyes just to spite us. They have no reason not to at this point, judging by all the mistakes they're making so far.
This is almost surreal... This movie sounded so promising at first, I was convinced that this would win back a lot of the fans who turned their noses up at the first movie. We were going to get a script from the Zombieland guys, and it looked almost certain that F. Gary Gray was going to direct it. Now, it's all fallen apart. As much as I like Zombieland, it's the only movie those guys have written that we've actually seen. If Paramount believes their GI Joe 2 script was trashy enough that it wasn't worthy a director better than Jon Chu directing, then all bets are off as to whether or not they are one-hit-wonders.