Compared to the first movie, this movie is a dramatic improvement. The first movie had an identity crisis; it didn't know what it wanted to be. It was split between telling a story recognizable (albeit turned dark) to the source material and being a generic slasher. As a result, we ended up with the first ten minutes of the movie being surprisingly interesting, creepy, and engaging while the rest of the film felt simple, unthoughtful, and frankly not scary at all.
This movie throws all that aside. Instead of trying to tell a clear "Winnie-the-Pooh" story and getting lost when that theme inherently doesn't work for an extended storyline, it takes the characters (and to some extent the settings) of Winnie-the-Pooh and simply tries to make a slasher. You don't need to have any personal connection to Winnie-the-Pooh for this film to be decent. It has about as much plot as a slasher needs (which while minimal is significantly more than the first), the killings are adequately brutal, and you actually care (at least a little) about the characters. While I was still left with some disappointment over how certain plot points were explained, it was altogether not bad.
While I think this was actually a solid slasher film, there is only so high of a score a slasher film will get. It was enjoyable, but certainly not the epitome of horror, but is worth a watch if you are into the genre. Excited for part 3.