The vampires were cool looking for the most part, and the premise was semi-interesting, but I think what made it for me were the flashbacks to the first film. Also the nostalgia by going back brought up the memory of Corey Haim's recent death. I found his flashback scenes poignent because of him and Corey Feldmen's relationship off the set.
Other than that I think this film was pretty generic, didn't really try anything fancy and seemed like a decent direct to video sequel. I would give it a rent if you are into the series, but its only a 1.5/5.