The first one was great because of the variety of styles in both animation and storytelling, as with the magazine. The Loch-Nar (the glowing green orb) linking them together was kinda cheesy but well done for the most part. Most of the stories were changed very little by having the green orb play a role.
The second movie had better animation going for it, but with just the one story, you either got into it or you didn't, and if you didn't, the movie failed.
I prefer the anthology style of the first one and, presumably, this upcoming one.