I just got back from the midnight screening at one of our local cinemas, and I can safely say this kicks the crap out of (or rather, it right hand smashes) the previous film. It had a few flaws (including one final act which begged the question "well why didn't you do that in the first place?!") and it could have had about 20 minute trimmed off, but its still a nice addition to our already solid summer. Its probably the most visually stunning movie I've seen all year as well (Pan's Labyrinth seemed to influence this greatly).
And just in case Korey in reading this, the pasty princess mutant chick=totally doable.