The film has quite a bit more badassery and humour than the first with Eastwood and Van Cleef both being excellent in the former regard (expect a lot of squinting). The hat shooting scene definitely stands as a highlight here. It ain't perfect, in particular some of the side characters can get a bit annoying, but it's good fun.
What Leone does well is explore character depth well in the context of the Wild West, and more importantly the motives of his characters. You couldn't say there were any 'good' or 'bad' guys in here, but a lot of men with the same aims. In the end very few stood, but intriguingly for different reasons (both fortune and redemption). Great flick.
If I absolutely had to choose my favorite Leone flick, this would probably be it. It occupies a happy medium between the confined setting of "A Fistful of Dollars" and the epic excesses of "The Good, the Bad, and The Ugly". The world here is just as lawless as that of "A Fistful of Dollars", and the protagonists just as amoral. Ennio Morricone's score is once again amazing, and I'd argue that "For a Few Dollars More" contains one of the greatest showdowns of all time.
much more fleshed out than "for a fistful", and more accessible than "good, bad and ugly", this movie cements Eastwood's cult status. Although Leone relies a bit too heavily on the raw charisma of the leads and the face-off scenes, the story is quite intriguing, with a hint of the paranoia which is missing from the other two films. Epic soundtrack renders it even more memorable.
The entire soundtrack (including but not limited to the music) is brilliant. Also, the film perfectly pits the characters' various motivations against each other, leading to the great conclusion.
About the same quality as A Fistful of Dollars, The addition of Lee Van Cleef provides someone else to shine besides Eastwood, who once again is great.