It was just 'ok' - not as bad as people say but definitely not amazing. Some good visuals but really bad pacing. You can also tell it was a film that had things 'added in' to make it part of the Cloverfield Universe (Donal Logue's scene being the most obvious, along with the last shot).
It did provide an answer as to how the first film happened though so in that regard it was a success.
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