My wife and I took our 3 year old to the cinema to watch this as the first film is such a favourite in our house. Despicable Me 2 easily held his interest (first trip to the cinema) and he was laughing along with many elements of the visual comedy throughout the film.
Make no mistake, this is a Minion vehicle, as they continually steal the scenes with their distinctive brand of hilarity, but as well as this obvious element, there is also a really sweet story (much like the first film) which underpins the characters and takes the viewer on a story where you actually care what happens to each of them at every turn.
It's definitely up there with the best animated films and manages to build on the equity of the first film without making you think it's just been created as a licence to print money (see Cars 2). A film that can make you laugh and cry, and teach lessons of the importance of relationships, whether animated or not is a thing of beauty. One that is enjoyed by 3 year olds and 30 year olds is exceptionally rare and this is a wonderful example of that.
This comes with the highest recommendation.