I played the first FEAR on PC, but I still think FEAR 2 is superior, even though I'm playing it on 360.
Pros:
Graphics are better
It's creepier. I don't know why but creepy little girls are much scarier than the monsters, zombies, whatever in, for example, Doom 3, Dead space, and pretty much any other horror/scary game.
The level design is more interesting and not nearly as dull as the first FEAR.
More entertaining explosions.
I love the excessive gore and blood.
The enemy AI is better than the AI in half life 2, pretty much any of the AI in the Call of Duty games, and many more games. (you'll especially notice how good the AI is by not using the slo mo).
Cons:
I don't like how the enemies highlight while in slo mo, although this could probably be justified by some sort of explanation involving telepathic powers or whatever. This, however, is a very minor complaint.
They should have added another higher difficulty level.
Multiplayer games take too long to start.
I keep hearing about it being grainy, but I really haven't noticed it. Of course, graphics for games don't have to be cutting edge or set new standards for me to enjoy it. I like good graphics, but if it's not up to par with crysis, gears 2, or whatever, it's really not that big of a deal to me. The graphics for FEAR 2 look fantastic to me. I'm satisfied with them.
Overall, this is the best "corridor shooter" I've played, mostly because it's a lot more fun than the others ones I've played. And, really, a game being fun is more important than any of the other elements (Although those other elements can certainly add to how fun a game is -- sometimes).
Overall, I'd give this game a 9/10.