I thought the first "Now You See Me" was pretty enjoyable, for being a mainstream Hollywood "popcorn flick." My expectations for the sequel were not nearly as high after seeing the trailer (and missing it during its initial theatrical run--my first viewing was after purchasing the BluRay)...and that's a good thing, because the sequel falls well-flat of the original.
Most of the original cast is back (minus Isla Fisher as Henley and a few of the cop characters from the first film), and replacement Horseman Lula (played by Lizzy Caplan) holds her own, but she fails to fill the void left by Henley's departure. As is usually the case, the sequel tries (too) hard to be bigger, badder and more spectacular than the original. It really does try too hard to "be its own man" and free itself from the shadow of the previous installment. There are new villains, familiar faces, the presence of "The Eye" (that never pays off), and tricks that are just getting to be too epic to be remotely possible outside the world of CG effects (or actual magic, which we all know doesn't really exist). While the story is decent, it's a bit more convuluted than the original, with some glaring plot holes that really shuts down the "suspension of disbelief" that movie watchers are supposed to experience. The finale of one of the main plot/character arcs involving Morgan Freeman and Mark Ruffalo is almost absurd to the point of being comical. It's not terrible...it just suffers from "sequelitis."
Like all modern BluRay releases, the quality of the picture is lovely and the audio (and surround sound options) are more than adequate. There were a decent amount of special features included, but I haven't had the time to explore them adequately up to this point.
Bottom line, if you're a die-hard fan of the original, then there's a very good chance that you'll enjoy this film and won't regret purchasing it. If you're merely curious about seeing it, I recommend saving some money and renting this one.