You know what, I thought about the movie last night and Volume two really was good. I guess because I had seen Volume one just a few days before, which was so excellent I thought, I just wouldn't let Volume two in, if that makes any sense. In some ways you need Volume one and two separated to sort of forget about Volume one for a bit and when you see Volume two and the parts where they reference Volume one and you're like, Oh yeah that was really cool or now I see, then you can apreciate the story better I think. Also, seeing it more than once helps as well.
Loved these films. A must see really. I think better than Lord of the Rings, if I may be so bold.