The story, such as it is, has a passing resemblance to the first: Seline hopes vampire elder Marcus will help her, but he doesn't. Cue much running around in black slinkiness, being chased by a CGI flapping thingie. Plus new back story trying to make sense of Victor's actions in the first movie, which doesn't stand up.
Mind you, I wasn't expecting a taut thriller - not after the first. And at least they've solved the problem of distinguishing the two opposing sites in the opening sequence, by having the vampires turn up en route to a LotR Elves party.
But none of the leads actually bother to do much in the way of acting, the music's overly intrusive (or maybe the story's underly intrusive), and the monochrome pallet palls (ho ho) after a while. There are fewer goth cliches (only one character is actually languid(OMT)). It's starting to head towards Blade territory, instead. The next one in the series will probably look just like Blade, only with a skinny white chick instead of a big black dude.
I suppose what I'm missing is a sense of style. Snipes has the swagger to carry it off. Maybe Beckinsale does too, but not if the director/editor keeps getting in the way.