Better than the first one, because it wasn't just non-stop fight scenes. Still, watching them both in one sitting like I did is an exercise in masochism for someone who doesn't like violence/action films. I probably never would have watched it if it hadn't been shown on Mubi. It would be refreshing to me to see this much money($60 Million budget?), time and top name actors, director, spent on an erotic/sex/porn film.
I just watched both volumes again and I think I've changed my mind and decided that this is the better of the two. The darker, more realistic tone is a nice contrast to the cartoon-like first volume. This is also reflected in the cinematography which is more muted and washed out in comparison to volume one's bright colours. The saga as a whole is a hugely entertaining, if not quite great epic.