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Over the years, the more I watch this, the more I think it wasn't really all that bad.
It sets a similar feeling to the original, the mask looks fantastic, Myers seems more sinister than the original, and there are a ton of eerie hospital scenes.
The only scenes that I don't like (spoilers) ares the scenes with the nurse in the hot tub and the one with the hammer to the forehead. They're just too violent and too much of a breakaway from the way Myers was in the original.
That said, there are so many things to like about it. The soundtrack is different but still good and for a horror flick, the acting is pretty good (minus Brackett's deputy).
I love the scenes of Myers walking around the hospital, and the scene where he's chasing Laurie through the storage room.
I'd give it a solid 3/5 stars (as a horror movie sequel).
Additionally, I think Halloween III is underrated. It's not really good or anything, but it's a decent and fun watch.
Everything else after that blows. The mid-to-late 80's killed the franchise, and everything thereafter drove the final nails into the coffin.