Sean,
I loved the first one, but when I went to the theater to see the second one, I had the same feeling - a LONG 2 1/2 HOURS. However, I watched it again last night, on a whim, and I didn't mind it nearly as much. Still not one of my favorites, but we are considering (my son and I that is) seeing the third one in the theater. But I think I will wait to hear reports from folks here.
I thought it was interesting that Starz HD played the film in OAR last night and in full 16x9 today. Since I am not a purist, I enjoyed seeing the movie fill my whole HDTV screen.