The movie overall was ok. If you have nothing better to do, then go and watch this movie, but definitely a rental. It had some good elements (i.e. special effects, fighting), but the characters didn't mesh well like in the original. They had the obvious replacements Brody replaces Arnold, the Russian replaced Jesse Ventura, the Yakuza replaced Billy. The fight scene between the Yakuza and predator was good. Again, overall it was good.
But it was missing something that first movie had. Hard to put my finger on exactly what, but watch the original and then watch this one and I think you will get what I am trying to say.