It definitely suffers from sequelitis. The action is more cartoony, the humor is a bit broader, everythings just more over the top. There's one segment in Paris where I thought I was watchiing the BLUES BROTHERS.
For all that it does deliver car action in spades. Emma Sjöberg and Marion Cotillard are easy on the eyes too, though Cotillard's role is way underwritten.
If you liked TAXI, you'll like the sequel TAXI 2. It's just unfortunate that they threw more up on the screen and still ended up with less movie than the first TAXI, but that's usually the way of sequels.
I guess it sounds like I'm coming down on it; it's definitely worth a watch if you get an opportunity. Maybe someday we'll see a R1 dvd release...