I really enjoyed this movie and I've watched it a few times now. I'd say whilst clearly not as great as the original, it is ridiculously fun to watch. My biggest pain with the movie is the plot.
***SPOILERS BELOW***
The fact that one guy wants revenge so sets about laying traps to bring the ghosts out is ridiculous. The fact that this is revealed so early in the movie is ridiculous. That's my biggest bug bear about the movie.
Overall though it's great and was unfairly maligned before release. That is the reason this movie failed.