Unfortunately I didn't get to watch this on SciFi originally but saw a copy recently since they're releasing it to DVD soon(www.lakeplacid2dvd.com).
After hearing Schneider was taking the lead I thought this could have gone somewhere. His acting was tolerable, and the characters were mildly entertaining, but the low budget sequel was simply that.
It was so evident David Flores was trying to not only live up to the original, but to mimic it, painstakingly. From the plot, to the character quirks, even to the shocking one liners, we can see his aims at cult classic stardom. It falls horribly short, making for one amusing B movie wannabe.
You watch a B movie for the unreal script and crappy effects anyway, why not take it a step farther. Our affinity towards flicks like Snakes on a Plane or Attack of the Killer Tomatoes, and any other horror-comedy is our intense desire to see some clever crap.
Lake Placid 1 was clever crap, Lake Placid 2 was crap that tries to be clever. And it's awesome watching the no name production team try.
Who takes this kind of thing seriously anyway? My opinion is, it's worth the $4 movie rental. Kick back on a Wednesday night with a couple of beers, and I guarantee the banter between you and your buddies will be well worth your time. There's a couple of KILLER one liners that'll make their way into your hall of shame quote book, guaranteed.