Depends on your expectation, I was delighted to watch it.

Rating: 8/10 (26 August 2012)

First of all it should be noted that the way you see this movie depends on your expectations. People who say it was an awful movie, plot less, only mindless action, bad acting and things like this, may have expected a "Se7en" from "The Expendables 2" !!! That would be quite wrong. You should watch it as an "ACTION" movie, the name explains everything.
well, Let's start with the story. It's almost the same as the first one. At the beginning we see the expendables on a mission that lays the background for the movie. Then They receive a job offer from Mr. Church and at the end, they complete this mission (sounds like the first one, huh? Just their mission is different here). A good story for an action movie like this.
Acting is good here. I specially liked Statham's acting. He's really deep into his character. Others like Van Damme and Adkins are good too.
And the Action scenes: Well, after beginning to watch this movie with a friend, we began laughing after 15minutes, because all is killing and nothing else. Most fights are using gun in this movie (or Mindless Action as some people like to call it). There are also some hand-to-hand fights throughout the movie, all fairly well-choreographed.
And the two Climax fights: The fight between Adkins and Statham could be better, they both have great talents, not displayed superbly in this fight. and the second fight, between Our Old Frankie and Mr. Rambo: It was a great fight, some reviewers say that it was too short, but it wasn't. It was long enough and well choreographed (and I guess you know who as the winner?).
Others like Arnie, Willis, and Norris were good in their fairly short screen time.
All in all, It was a dream come true to see our old action heroes like Arnie, Stallone, Van damme, Willis, etc. together with younger ones like Jet Li, Adkins and Statham in one movie.
A very fun movie to watch. My Score: 8/10