This movie obviously had more money than the first but it was no where near as good. The plot-line was dodgy to say the least and it was as if they wanted to get as many of the characters (and their moves) in as possible. Unfortunately this meant that characters from the game were added purely for the sake of it. They weren't given any development or good fights.
The fighting in general was very poor. Raiden had the only average fight, the others were sub-standard. The fight at the end between...well, I don't want to spoil it; let's just say the 'the fight' at the end had awful FX and was impossible to follow.
Even the soundtrack was not as good as the first movie even though KMFDM were involved in both.
All-in-all not a very good movie on its own...put up against the original MK it's a terrible movie.