I didn't see much of the first one (it hurt too much) but actually sat down to watch the movie last night.
It didn't suck as much as I thought it would, so it ended up being ok. The acting was horrible, but not painful (well, some Damodar parts were). Like everyone else, what I liked most was the D&D-isms that populated the movie. If I want a more general type of fantasy, I'll watch LotR, so I appreciated them making this a D&D movie.
The story was ok, on par with an average adventure (or is it that all our really cool adventures would look this mediocre if put to film?). My favorite thing to do during the movie (other than going all MST3K on it) was playing the part of the DM, citing rules as they appeared on screen (spells, magic items, monsters, PCs, the elf being the one who finds the secret door, etc - and I'll probably check it out again to see if I can spot feats and such being used as well) and calling out the house rules from time to time. And much like everyone else, I loved the references to the old mods. It only needed a bard, IMO.
Now, I was under the impression that WotC had nothing to do with this movie. If so, how did they get away with using so much of the D&D IP in the movie (all the old module names, the look of the various monsters, Obad-Hai, etc.)? Or am I just misinformed here?
I give it a 5.5 overall, and will probably see the DVD just to check out the extra scenes.