One word...excessive.
While it retain the style and things you come to like about the first one, it just unrestrained with kinetic pacing and mishandling of the story. Out goes the campy spy homage and everything just on the eleven with in your face jokes. If you switch off your brain you may come to appreciate it as a mindless sequel, if you are looking for things that expand on the first movie....this is not that flick.
There you have it...the first misfire from Vaughn otherwise impressive streak of highly watchable movies.

I mean, where was the Statesman during the first movie? Valentine was American, they had shown us in this movie that they can spy on the President inside the White House, and Valentine was shown talking to the President in the White House during the first movie