While better directed & more compelling than its predecessor, with a genuinely imaginative use of colour & composition replacing Wan's more typical emphasis on badly framed wide-angle shots, disorganised jump cuts & "nu-metal" styled monochrome, it's still a film essentially about nothing! There's no real theme here; no subtext; no passion. It's just an extended tribute to horror scenes & images already seen before.
I'm getting so tired of these new "jump-scare-movies" that it hurts. The first Insidious was forgettable with decent scares and the second one does nothing to improve on Wan's formula. It all feels like a bunch of jump-scares strung together by a paper thin plot that is barely an excuse for a movie. Wan does nothing to make us care for the characters, the score is boring and the production work flat.
Effective followup to the surprise hit finds Wan expanding and folding back the events of the first installment in a rather satisfying way. The lack of surprise in this chapter hurts the film but is somewhat compensated for by the performances. Mind you some of the scripting choices are dubious at best. Nice set up for a third installment though.