It's still good, but...
It's definitely an improvement on the last game, but there are some serious nuisances to be dealt with, especially concerning the fortress levels.
I don't know if it's on purpose or not, but the random location of the phantos spawn is a death sentence in some situations, no matter what you do.
One unavoidable case is immediately after getting the key in World 4-4. The phantos will usually spawn directly in the center of your only way forward, leaving no room for you to pass.
Also, a graphical misjudgment in the boss fights often hides the phantos behind the airship until it's too late to avoid either it or the boss.