If you're going in expecting it to be as good as the 1st then you deserved to be disappointed. It was what it always going to be. Needed the blind shtick cutting so it was 20 minutes shorter but on the whole I enjoyed it and got what I wanted out of it. Think of it as an encore rather than something trying to better the original.
I think this is a pretty spot on summary tbh.
The problem with sequels to films like Anchorman or The Hangover which receive initial critical acclaim (and in the case of Anchorman, become more celebrated years after its initial release), is that once the first installment is completed (whereby everything is new and unexpected), there's no room for subtlety, and instead its par for the course for the best traits which made the first film so loved to be over emphasised, as people have 'expectations' of what they expect from the sequel.
Things like the multi news-station fight was also going to be a hotly anticipated part of any sequel, thus there's no way they can achieve the same initial brilliance of the scene in the first film..because we're expecting and in some cases salivating over 'how it will be bettered'. Thus what you get is something heavily choreographed and planned in a bid to appease the audience and 'live up' to what the initial scene produced. The problem with that, is that there's just no way to do justice to the initial scene, which people didn't anticipate and hence forth becomes so much more appreciated.
The film had its moments and some enjoyable scenes, particularly in the dialogue as well as the cameos in the fight. I didn't particularly enjoy Brick's story arc, if only because like Alan in The Hangover, I find he's the most complex character because if you find the right balance he becomes a treasure, but stray too far and he can become irritating and one-dimensional. I really didn't think his story required as much focus as it got, and given how each scene mirrored the last I really wish it had been trimmed down. As a result, most of his funnier moments to me came in the minor scenes, such as the scene where they meet Meagan Good for the first time and Ron has to explain to him that 'the black man following you is your shadow'.
It did drag towards the end and I could have done without the additional subplots, but I knew what to expect going in and whilst it didn't better the original, it could have turned out far worse and there were some funny moments which would have been worthy of including in the first film.