Caught this early this morning (Late last night?). I'm 50-50 on it. I enjoyed the humor angle, which made up for the grasping plot points (Even the promise of free beer and loose southern bells wouldn't keep most spring breakers from spring break). A lot of chewed scenery (especially by Englund) was a plus, more southern sterotype jokes then you could shake a stick at was a minus. Obligatory hot women were a definite plus, although the cut away editing ruined most of their scenes. My bigger problem with the film was the let down on the death scenes. I expected bigger and better than it's predecessor, and instead received either uninspired 1/2 off screens or copy cat originals, without even my favorite Keg O' Nails barrel roll. Nice final scene, although "Ghost Ship" did that far better.
All in all, I'll say 6.5 out of 10.