Artistically, the first film was better. If Anderson was given the money and the direction to make it mature, he could potentially do it. What we needed was 'Event Horizon' Anderson, but we ended up getting 'Resident Evil' Anderson. A big part of that is apparently having someone else write the script.
The characters in both films are much of a muchness, but there was at least better tension in the first. Scenes like when the structure first starts shifting and the character who gets outflanked in the dark, on their own, raptor-style, in the tunnels. After Sebastian is abducted, later on, with Lex having no clue of where to go and her compass being broken, in the dark. Stuff like that had potential and while it was squandered, there was not even that in the sequel to it.
I actually think James Cameron could make a blinding one, now that he's realised the concept is actually closer to his tastes than he thought it would be. Quite whether Fox would be willing to give him the many millions it would take for whatever his concept would be, I don't know, but there would probably be a better chance of attracting him to such a thing now, than there used to be.
It's a complete fantasy, though, because they would never be willing to give it that budget or required level of creative control.
What's required, above all else, is a great writer. That seems to be where a lot of the problems have arisen.