With recently completing this game, I found it to be similar to the first installment. I mean that in both the good way and the bad way..

There are still thousands of guns and items galore, a long with some interesting characters and dialogue, and mobs that you'll laugh at or fear when sighted.
This is all well and great, however, unless you plan on a second play-through, this game is not worth getting.
You cannot get better than decent weapons unless you are playing the 'New Game+' difficulty- which is only available after one play-through. Last night, the group that I played with fought the final boss; this boss was not necessarily difficult in terms of combat, it was more so the fact that he had a ton of health and he had a high damage resistance.
Supposedly, if you play with a full party (4 members), you will have a better chance for rare weapons- meaning purples and oranges. This didn't show at all during our play-through as most of us went in to the final boss with slightly better than mediocre weapons.

The graphical style is that slight punky cell shade-- I know its not cell shaded but the word escapes me. Stylized maybe?
The playable classes are fairly similar to the original, and after a while feels more of the same.

Overall, unless you enjoy the MMO style (almost WoW like) grinding and running back and forth, this game may not be for you.