As far as I'm concerned, Fright Night 2 is one of the best horror sequels that is every bit as good as the original. This time around our hero, Charlie Brewster, is in college. He's in therapy trying to convince himself that vampires don't exist but this doesn't last for long. William Ragsdale [The Reaping] is wonderful as Charlie. He gives the character humor, vulnerability, bravery and fear in equal measure. It is definitely the role he was born to play. The ever-magnificent Roddy McDowall [Planet of the Apes movies] is back as horror TV host Peter Vincent. I just love him in this role. Together they are magic.
Without spoiling any of the surprises, director Tommy Lee Wallace [Halloween 3, Amityville 2, John Carpenter's Vampires, It] knows how to make a great horror movie. Fright Night 2 has tons of atmosphere to spare and the vampire effects work very well. The pacing is perfect and he ramps up the tension to a fevered pitch at the end of the film. He also gets wonderful performances out of all his actors.
Speaking of special effects, there are far too many people to mention but they get it right from start to finish. Costume design, set design, make up and prosthetics create a seamless look. This is one of the best the 80's has to offer.
Fright Night 2 also has a solid soundtrack by Brad Fiedel [Terminator, Gladiator] that is thoroughly 80's but doesn't give into cliches. It helps to set the mood as much as the visual effects do.
If you've seen the original but not the sequel, don't hesitate to watch Fright Night 2. As a side note, I'm also fond of the 2007 Remake of the original Fright Night starring Colin Farrell and Anton Yelchin. It's a modern adaptation of the original 80's film that is quite possibly better than the original. This proves that you can do a remake that doesn't totally jump the shark [Rob Zombie's Halloween comes to mind].
For more info check out the film's entry in IMDB.