Maybe forty minutes or so is archive footage from the original told in flashback. I wouldn't blame if you don't watch the two films back to back. I saw 2 first when I bought the VHS as a kid. I enjoyed the film for the most part, and even after seeing the original I didn't see much reason to hate it all of the sudden.
Eric Freeman as Ricky is was truly makes this film, though. He's so over the top that it's kind of awesome.
http://www.freewebs.com/demonictoys/

Eric Freeman's performance and some of the goofy death sequences will probably merit a buy if you love that sort of thing.

If you can get past the entire first half consisting of flashbacks to the original, everything with Ricky is a masterpiece of cinematic art.

Yeah I don't blame you. I was pretty annoyed when I first watched this movie only to find that I was basically just watching the first film all over again. However, most DVD and Blu Ray releases have both movies together in a double feature so you're not really buying the second one separately and paying extra.
Horror_Metal

Hi. Thanks for elucidating on that. I may well pass on that sequel, as I am not paying for a movie that has only a fraction of new material.
webfix
www.trueghoststories.co.uk

Yes. It nearly recaps the entire first film, with at least forty minutes of footage being reused. The new footage that makes up the actual events of this movie is great fun though, Ricky is freaking hilarious.
Horror_Metal