...If we consider the first one perfect. And yes, the first is one of the most fun and most refined Metroidvania games ever created.
The sequel have everything that the first one had and it has a little more in every aspect. Buuuuut that not equal to being better, because sometimes too much of the same gimmick can hurt the overall experience.
Platforming: I like the new mechanics, the grappling hook is a little broken though, the extra, optional challenges are super-brutal-hard, but the core experience is pretty solid. Most of the platforming puzzles are pretty creative and fun. The other half are super-mega-turbo-hardcore stuff, so if you already have some gray bits in your hair, don't even try those...
Action: The original has more brutal battles therefore more clueless, chaotic fun. The sequel feels way more platforming oriented and that's hurt the action department quite a bit. I didn't like the new skill system at first, but it's pretty neat and way more customizable than it was in the first game. But in the end - you will be a Lucha-god, just like in the original, no matter what. ;)
Story: The story is a little "we need a sequel which is more frantic, bold, weird and funny!" - and it is, but it never touches the brilliant simplicity of the original. But that's not a big issue, I liked the writing, the jokes, the chicken bits are brilliant and the character development of some of our old "friends" (especially X'tabay's) are very satisfied and fine touches for a coherent universe.
Level design: I felt it build the way it built just to be bigger because it is a sequel so it has to be bigger...
Overall, if you liked the original, you will love the sequel despite the balancing issues it has. It has a soul, just like the first one had, and in the end - despite every frustrating rage-quit moment - you will end up wanting more and more. Yep, it's a must-buy and almost perfect game and we need to go back to Mexiverse the third time ASAP!