Worse than the predecessor in nearly every way. Since the armor takes forever to deplete if you even try to take cover, the game is way too easy. The weapons aren't nearly as fun to use as before and cool stuff like dual wielding pistols or the cool lighting gun have been removed. The combat is just meh at best.
The Alma scenes have been improved from the predecessor and there are some cool moments but they don't feel as threatening and atmospheric as before. In fact, the game feels dull pretty much all the time. It feels like playing a generic shooter with slowdown mechanic and a random girl walking around.
Not to mention that this game plus the DLC took just as much time for me to beat as Extraction Point expansion for the first Fear, and unlike Extraction Point, this game isn't worth replaying because the combat is so forgettable.
Just stick to the first Fear and pretend this one doesn't exist.