What's good: Rosario Dawson is very cute. I really liked her character and the chemisty between her and Brian O'Halloran's Dante. I also liked the antagonistic relationship between Randall and the 19-year-old, very naive Elias. The dance number and some of the cameos were a lot of fun, and the take down of the LOTR films had me rolling.
What's bad: the acting of both Dante and Randall. It's consistent with the first film, but that doesn't keep it from being really painful at times.
What's cheesy: Jay and Silent Bob. Smith's Silent Bob is constantly mugging to the camera, while Jason Mewes' Jay never has the frantic energy of his previous incarnations.
I think it's worth seeing if you liked the first film. If you take offense easily, please stay away.