I agree too. It's definitely the most enjoyable, but I still think that P1 one is a far better movie. I like it how it's all macho and hung-ho American heave-ho in the beginning, guns blazing, but then as zoo as they run into the Predator the roles are reversed and all of a sudden being a big strong male with big guns means jack shit. Arnold feels more like a 10-year old boy trying to run away from Jason or Leatherface - it's even emphasized as the Predator's hearing registers Dutch's panting in a higher pitch, making him sounds really small and frail. You get the feeling that the Predator could snap Dutch in half just like that if he wanted to, but that he chooses to let Dutch fight back a little to make it more "fun" in the end.
In all its ridiculous macho brawniness, P1 is actually a pretty "smart" action movie. P2 on the other hand is a really fun ride from the second you get on.