In view of the other comment for this, I thought I'd give a more balanced view. Sure, the animation isn't the best, the voice actors aren't of the same calibre of last time and the story isn't as strong but, combined with the Snow Queen (the prequal to this featuring David Jason, Helen Mirren, etc.) this is a good buy for kids.
I was a kid when the Snow Queen and Snow Queen's Revenge were bought for me on VHS (before the DVD days, obviously). As an 8 year old, this had a great, adventurous story. Ellie and Peeps meet with various people on the road to rescue Tom in the Snow Queen and Dimly in the Snow Queen's Revenge. These are all different, interesting characters.
Whilst the second installment is undoubtedly weaker than the original, they're both worth getting together if you have kids aged between 6 and 10. It's perfect for family, Christmas watching.
-Well known voice actors
-Not as good as the original
-Poor animation at points