The tyranist's thoughts
This is a much better entry than number one was. They discarded some of the weird little Leprechaun myth aspects that made the first movie make little sense and went with a better plot than simple greed and vengeance. It is actually possible to see and somewhat enjoy this one without ever seeing the first. Unfortunately, while still ugly, the Leprechaun still isn't scary.

Rish's Reviews
For years I didn't see this movie. Tyranist constantly sang its merits, claiming it to be "the best of the Leprechaun flicks" so many times that when I actually met director Rodman Flender, I told him, "You know, they say Leprechaun 2 is the best of the Leprechaun movies."
Finally, not long ago, for reasons I can never know, tyranist provided me with a copy of the film, and for the same reasons, I watched it. And you know what? It was a pretty good film.
The leprechaun (is he the same one from the original, or a different leprechaun?) awakens after a thousand year sleep to claim the female descendent of a guy who crossed him to make into his bride. She's not exactly thrilled. Nor is her boyfriend.
Now, even though this is a praiseful review, a lot of Leprechaun 2 is still stupid, and the character Warwick Davis plays never comes close to being threatening or frightening (he does nail "annoying" a couple of times, though), but overall, the story is good, and it's more entertaining than the first, third or fourth (I've not seen the fifth film). In fact, there is a sequence about halfway through that's actually great. In it, the hero hides from the bad guy in a local pub, and it being St. Patrick's Day, the place is crawling with dwarfs in leprechaun gear. So, when the real one comes in, everybody just assumes he's one of the phonies, and invites him to get drunk. for some reason, I found this scene to be quite hilarious.