The ‘Much Better’ in the title of my comment is not in comparison to the original film; that film was orders of magnitude better than this.
But the original release of Highlander 2 was regarded as one of the worst films in history. Ridiculous plot twists, pointless retcons, and a shameless air of trying to cash in on the first film (which was wonderfully original and unique) caused a backlash of hatred from, well, everyone.
But this Renegade version (and an almost identical Special Edition) removed some of the worst material (aliens, really–) and sought to make the best film out of the existing material. What resulted was an OK flick that gave fans of the first film to see the characters they loved again.
If you loved Highlander, THIS is the only version of the sequel you'll want to see/own. The original theatrical cut will make you claw out your eyes.