It's no where as good as the first movie, as its lost the originality that made the first so great, but it still partly succeeds with it's stunning imagery and non-stop action, which then again also just acts as a facade to distract from it's rather boring plot, and it's new approach to using comedy just doesn't fit. That's what made the first so tense, they're in a war, the threat is constantly looming and they show it. No smiles or jokes here.
Also in my own personal opinion, the fact that the original director Guillermo del Toro refused to take this movie, letting the reigns fall to Steven S. DeKnight is all you really need to know; DeKnight just doesn't have the skill or graceful touch of Toro.
Still its massive robots punching massive monsters! And who doesn't love that