This one has significantly better effects than previous and Gremlins are more realistic and scary. From the technical quality point of view it is definitely better movie. But it is also completely different movie and because of taste differences many will disagree with me on which one is better. While first movie has somewhat serious story line, tells the scary tale with some comic reliefs, second movie is more parody to first one than it is its sequel. Yes, story line picks up where first movie left, but tone of the film is completely different. It is not 80's light horror type of the movie any more, it reminds more of Scary Movie type of film. It is fast, fun, full of pranks and references to famous fantasy movies and characters, like Batman, Wicked Witch of Oz and many more. First one has much better story, but this one is definitely better produced and more fun.