Better than the first time, but it really does try to do too much. Screenslaver is a terrible villain who gets in the way of the actual plot of this film. A rogue former hero — one who abused legal heroism before and threatens it now — would have made a much better villain. And it could have allowed them to continue the Ayn Rand theme from the first film.
All that being said, all the warts are worth it to hang out with the Incredibles for a couple hours. Brad Bird can make as many of these as he wants.