Yes, it's not just the best movie ever from Stephen Chow but the best movie ever!
You have to watch the first part before fully appreciate all the trivial details in the second part. If we consider the first part as the usual comedy product of Stephen Chow, then surprisingly the second part not only continued the comedy routine but every funny element eventually turn into something much deeper, richer and tragical, which made this movie absolutely cult icon in the next decade in China.
The story is based on the classic Chinese Novel 'Xi You Ji', in which the rebel Monkey was tamed by the Budder and helped a Monk to go to India. Stephen Chow's contemporary adoption of the story is one of his trademarks by mixing the modern elements with the ancient context. It not only added the funny material into the movie, but also the irony and insanity on top of it which younger generation is so addicted to.
At the beginning this movie looks just like another Stephen Chow's typical box office hit but with the stories go on, audience started to feel increasing sadness and later on realised the unavoidable tragical ending.
It's a tough movie for Westerners to understand and appreciate because it requires quite bit Chinese culture knowledge and lots of loss in translation but I would still encourage everyone to give it a go simply for it's such a wonderful and creative movie.