A lot of people argue that it has bad acting and bad CGI but forget that this was a straight to video release. With such a limited budget, the film-crew can only do so much so well. Taking everything into account, this film is nothing but a mediocre sequel that could have gone unnoticed with or without its release.
With that said, if you ignore some of the minor flaws, it's actually a decent flick. The acting and CG are NOT bad, they're simply mediocre and can be somewhat forgiving when you take into account the budget. If you can an open mind you will hardly notice anything wrong with the GC, and of course if you go into watching this film you shouldn't expect very much from the acting.
What is disappointed, though, is the fact that the premise of the film is simply there to do everything the first film did; and not necessarily better. This film doesn't add or remove anything, it simply plays it VERY safe. The whole assassins after bounty direction is kept intact, and it's VERY unfortunate that most of the assassins share VERY similar characteristics with the previous film's assassins; some even make returns. It's so similar it's actually quite striking.
Putting the bad aside, it has the typical over the top'guy-movie' flare that the first film had. It has guns, women, sex, violence, and plenty of blood to go around. Some of the action scenes seem a bit overboard, such as shooting exploding midget clowns out of a cannon, but that's what one can come to expect from a movie with such flare. The action never slows down, and the plot twists keep on rolling back and forth.
OVERALL: If you have seen the first movie, you have pretty much seen the second movie. That's not to say you shouldn't watch this film. This film is best enjoyed if you can simply tune out every bit of your brain and simply enjoy the movie. Don't worry about the GC, don't worry about the acting, don't worry about plot-holes, don't worry about what's changed since the first movie, just watch the movie for what it's worth: an over the top sequel to an action flick for guys (and maybe gals too).
I gave this movie a 6/10. Nothing special; a bit above mediocre at best, but still enjoyable.