It was good. It mauled a lot of the comic book plots, but it did keep a lot of the spirit of them, which is good. Overall, I thought it was a much better movie than the first one - it was more cohesive, the action was much better, and it got immediately into the meat of the movie without needing to spend so much time on exposition.
I've got a lot of gripes, but I have to say, I really enjoyed it, and everyone in the theater seemed to enjoy it. It keeps the flavor of the comics even if it strays from the details of the plot, and most importantly, it was just a lot of fun.
Wolverine was a mixed bag. He's always been my favorite member of the team, having so much depth to his character, and being a major bad-ass on top of that. In the movies he's not nearly as deep and not nearly as much of a bad-ass, so he's a bit disappointing, but he's still fun to watch.
I guess that's sort of the overall theme - despite some flaws, the movie was a whole lot of fun. So, go see it. If you liked #1, you'll probably like #2 much better.