Was the second game even any good? I don't hear favorable things.
The combat and graphics are quite improved over the first game, but it came at the expense of a more typical story that doesn't hit the feverish, infectious insanity of the first game, and they decided to address complaints about the overworld by getting rid of it, relegating Santa Destroy to a mission select screen, which killed a lot of the local flavor that the first game had in spades. The soundtrack was also a huge downgrade, as GHM was undergoing a shift at the time that had Masafumi Takada leaving the company to go to Tango Gameworks and Akira Yamaoka was just getting in, so they relied a lot of the Dark Side remix album they did for the first game, although there are some fun new tracks in there.