I saw this last night. I enjoyed it much more than the first Hostel film - but then I don't much like Horror. I was more interested in the mechanics of how the Elite Hunting Club was run, which this film went into a little.
I reckon this was a better, or at least more commercial, film. The pacing was better. In previous Eli Roth films I've seen, the first half may be artistically strong but is rather dull. Typically innocent teenagers on some kind of road trip, and it's a long time before anything actually bad happens. In H2 it doesn't wait around nearly so long. And when it does, because we know what's going to happen there is still a degree of anticipatory dread.
The victims are more likeable, and much less stupid than in Wolf Creek. We also get to see much more of the hunters, and explore some of the reasons why they do it.
The ending is hugely improved. H1 became very silly, in my view, very much like a 1970's video nasty and hard to take seriously, with coincidence after coincidence. The way the hero escaped wasn't very credible. In the second film the security is tightened up to a more realistic degree.
It has its weaknesses. The twists are pretty predictable, especially if you've seen the director's previous work and know, eg, how he plays with conventional victimology. And of course the basic situation is the same as the first film, with some familar locations, and we know how the production line goes. (Which is arguably a strength not a weakness - Horror is a genre where knowing what is going to happen does not spoil it.) There are things which happen more because they are scary than because they are plausible, but not enough to spoil it for me (that being one of the things I don't like about the genre).
Overall it's much better than Captivity, which I also saw recently.