I'm getting the impression it's relatively well regarded around here, but I'd never have generally thought Predator 2 was that overhyped / overrated, if anything probably underrated and not widely liked. I personally like it a lot but I'd agree that it's probably more a "fun film" than a "good film". For me though, that over the top, Robocop-esque, hyperviolent world is exactly why it works. It makes it memorable. That and Danny Glover and Bill Paxton carry it.
Prey may be a more competent and technically better made film, though even that i'd maybe dispute based on the CGI, but it's boring and pretentious. It takes itself too seriously for most of the film, then throws in a whole bunch of dumb non characters in just to be killed off by a dumb monster to make the main character look better by comparison.
I'm sure it's blasphemy to say, but I actually enjoyed The Predator more. It was a trainwreck, but i genuinely found it quite funny and entertaining for the first half. That's my lasting impression. With Prey it's like "Um, well the cinematography was nice and uh..." Anyway, I'm not here to hate on anyone who loves it, and didn't even hate the film, i just found it so..."meh". So the idea that it would be comparable to (or even better than) P2 is just a bit out there for me.