Pros:
What I like about P2 is the smart move of setting it in the city.
The opening scene where the supposed jungle switches to the big city is as simple as it is ingenious.
I like CH design just as much as JH.
I like the Soundtrack almost more than in P1.
Cons:
the characters are completely exaggerated. this also applies to P1.
OK, that was the marines in A2 too, but in P1 and especially P2 it was far worse.
This whole behavior sometimes seems like a comedy. it is not very sophisticated and makes it cheap.
they all somehow behave like the characters in A4.
the expanded honor code in p2 didn't work for me. and it generally never worked for me.
Anyone who hunts down their victims almost invisibly doesn't need to talk about honor.
At the end of the day, CH is just as much of a fool as Feral. There are several moments where he could have hunted down Mike but no... it doesn't fit the story in which there has to be a hero.
Overall:
I think P1 and P2 are absolutely equivalent.
I like both to a certain extent.
P2 is much better than Prey and I think the reason for its failure was more because P1 had Schwarzenegger. After its release, no rooster crowed for the Predator creature. Arnie was the star. The fan cult surrounding the Predator only developed many years later.
I would imagine that if P2 was released today it would have received more recognition.