This is a beautiful film, but the problem is, it's only beautiful, it's not very interesting.
What's good: the effects are amazing; the fight scenes are fantastically done; the scenery is brilliant; the costumes are wonderful.
What's not so good: it's a sequel, but there is no attempt to reintroduce the characters; the plot is so thin it's almost not there; the plot that is there doesn't make sense; there are so many fight scenes that they become boring.
When I watched it I ended up forward winding through most of the end because I was so bored with all the sword fighting. I love a good martial arts battle, but this film took it to an extreme. There was one point where Cloud and Wind were fighting and first they had the battle in their heads, then they actually had it and then they did it all over again!
So if you love long drawn out battles, go for it; if you want any kind of plot, don't bother.