Much better than the first AvP in many ways (if you ignore the fact both movies screw-up the Alien movies' continuety, of course).
As it's called Aliens Vs Predator, and not Humans Vs Aliens Vs Predator... which is what we got more of in the first film; the battles between the Aliens and the Predator were great to see.
Especially the final fight with the Predator and PredAlien. Though the fight wasn't as long as I hoped it would be, it wasn't as short as I dreaded it would be either. So it was still good to see.
Got a little worried with the poor quality of CG used on the first two Chest Bursters that came out of a man and his soy near the beginning, but the rest of the movie's CG was stunning. It was great to see the Xenomorph running around all over the place, and the Predator in this film was great. I'm not really a Predator fan, but he was great. I know the guy in the first film was only a rookie 'n' all that, but this guy just seemed to "fit" better, if that helps explain it any better.
As for the PredAlien... mean. Seriously. It was great to see just how big and strong it was and just what it could do. The Xenomoph had been described once as the ultimate weapon, but the PredAlien truely is (for reasons I can not say as I don't wanna spoil anything for anyone reading who hasn't seen it yet).