Gotta go with Pred 1 even though I do love Pred 2 as well.
One thing is the setting. To have these guys isolated in the woods is a very unique and cool enviroment different than almost anything else. Also, the characters were really good. Each character was unique and they were really all great actors. Sure, Jesse was a little over the top and all, but it seemed realistic and each character had depth to them.
I think the biggest thing hampering Pred movies since the first one to living up to the original are the cardboard characters. Danny's character in Pred 2 was fine ,but almost every other character was very bad and, of course, the AVP movies have some of the corniest characters ever, just horrible.
But Pred 2 did have strong points. The city setting was cool with loads of awesome scenes and a very cool ending, but Pred 1 just had it all going right.