it wasn't as good as it's predecessor because this movie had a villain instead of a non-believer which changes the dynamics. in the first movie the people and officers were non believers, the bartender wasn't really a villain but more of a short blurb of an obstacle to deal with. Same with the thieves, in CC2, Belsnickel was just basically another Grinch that tried to steal Christmas, and how many times has that storyline been used?
In closing the movie was good, the effects could have been increased to match the first movie. Maybe CC3 should write a good plot about antics involving non-believers and a few that would be on the naughty list and leave main villains out of it.