The first movie is considered one of the best looking 3D films around by a number of reviewers. Well now there's two of them

This one looks ridiculously good in 3D, as if you are watching it through a window. The depth and use of intentional effects is really well done, though some of the best 3D stuff happens to be in the end credits. There are a few bits here and there were you see some aliasing during the film, but nothing that detracts from the presentation. Textures, colors and motion are pretty stunning on this one.
The audio is pretty stellar also. The DTS-HD MA track has some amazing moments including one where the sound is moving around the room for a few minutes straight. Everything is extremely clear and bass, while not used heavily, is plentiful where it counts.
Too bad the movie doesn't deliver on quite the same level, but IMO, it had a lot to live up to with the first being quite good. This one falls short on story, meaning they tried to do too much. Rather than a fairly simple and heart felt story, this one was all over the place and very "telegraphed" on the main poitns because you could pretty much guess the whole story almost instantly (obviously as an adult, kids probably won't care). The three new short films are all pretty good also, particularly Puppy (3D). The end result is still enjoyable and very entertaining, but I'll list it as a rental.