I haven't seen the first film, so I had no idea it was a found footage film. The first thing you need to even start liking such a movie is to have a liking for the found footage genre. If you don't, you won't enjoy it, no matter how good the movie is. Having seen all four Paranormal Activity films and one or two other found footage films, I was prepared for what was coming, so I didn't expect a good acting to begin with. I knew it was going to be shabby and sound amateurish, because a found footage film is supposed to be like that. Professional performances would be a drawback for this genre, as it is intended to be make-belief. That being said, you can't really complain about "bad acting" in this movie. After all, it is a plus.
The most annoying thing about this movie however is that it takes too long for the good part to start, but when it does you're in for a half-scary half-laughable ride. The movie was a success at conveying the sinister nature of the ghosts beautifully. The shaky camera was a little over the top for my taste. It actually gave me a headache. They didn't have to pull the wall-cameras off to capture everything on their shoulders. That would have been the solution for too many unnecessary shaky shots.
I liked the role the cop played in the movie. I liked the sudden deaths. Some of them were too violent for a ghost story, but I'd rather see it as an attempt at being scarier. The last 20 minutes was a drag. They should have cut the inessential scenes. For a found footage film, I think it was above average. It had its moments, its thrills, and its flaws, like any other horror movie. Keep your expectations low, because making a satisfying horror movie is a real challenge these days. I haven't seen any good horror movies in 2012 or in 2011 for that matter. The horror movie industry is dying and that's a bitter truth we horror movie fans have to face.
