I would not say that the movie is awful, it is alright, but I would not call it a "sequel", which implies continuation of some story line. This is a modern remake, a very popular method among some producers and directors, who want to capitalize on the old idea and get some cash without spending too much time on a script.
The "sequel" copies the scenes from the first movie one after another. They even left the car crash scene! Come on, you could be more creative than that..
New actors play well, old ones are OK, but they do not really contribute to the movie, mostly serving as a background for attracting older generation to the screen.
I think that a lot of people who posted comments on this website got annoyed by the above facts and gave movie extremely low votes.
However, there are good things about the film too.
First of all - this is my personal opinion with which you can disagree - there are no long and boring songs in the sequel.
Secondly, it is good to see even a slight attempt to try and make a good movie. Of course, today's filmmakers are far from Gaydai and Riazanov, but still it is better than the stupidity of "The Best Movie".
Finally, I should say that most of young people - I am talking about 20-25 year old - liked the movie. Hence there is a hope that future generations will appreciate classics and won't degrade to monkey level.
That is why it is 5 from me