I never really got into the first "American Pie" as much as most people my age, consequently I've similar feelings about the sequel which is basically more of the same. "American Pie 2" is late Summer harmless fun with the return of some likable characters and everything you'd expect from the first movie: several great comedy sequences, light "Dawson's Creek" style relationship drama (though with less soapy introspection), themes of friendship, etc. and so on.
All the actors from the first return with each giving solid performances, not really a weak one amongst the bunch though Klein, Elizabeth and Reid are underwritten this time around whilst one hoped for more scenes with Natasha Lyonne, Eugene Levy and Eddie Kaye Thomas. The gags this time aren't as unique or clever but do get the laughs including a 'golden shower' scene, a truly superb scene with Stifler and Jim having to make out to watch some lesbians, a great scene at band camp with Jim performing, and a superglue gag which could've gone better.
The superior story and production values this time round are offset by a more staged and predictable tone overall. The first film starred a bunch of unknowns doing a small and light teen comedy - they knew they were a "Porkys" ripoff and played up on it. This time however it feels like the first film's success has sunk in and as such this time its a more Hollywood-feel and sensibility overall. Basically ifyou like the first one you'll like the second one - its a sequel neither inferior or superior to its originator though I doubt it'll have as lasting an impact as the first did.