The movie moves on the merits of the original film, all the original cast back, unfortunately, and oddly enough emphasis on Alan (Zach Galifianakis), while unfortunately takes a lot of pace of the film. The film wanders along pretty good, never great direction of the initial template of the first, which is the error.
There is a moment in the Herzog film, which speaks of German romanticism, and I think the movie comes from a perspective that is very informed by the ideas of that movement. His analysis is emotional and radical and not very rigorous. If you look to Joseph Campbell, you'll love this.
Loki is portrayed with passion and sincerity. Besides being the polar opposite in appearance and personality, which is just as enjoyable. His gestures, expression and conduct demand your attention even before he speaks. It also has an impressive story arc that could have made it their own movie.