We both enjoyed it very much, more so than I expected. I knew it would be high on the boom-ocity scale, and expected great action sequences, but did not expect this much story. It's not an intricate story, but more involved and deeper characters than I expected to find. I was chuckling mid-way through about the striking Star Wars-esque parallels (epic final battle of black vs. white above an impossible chasm, one with a two-sided blade, the other with two singles, escape from an exploding "command center," but it was all well, well done.
I am pleased that there are at least two angles on G.I. Joe II.