Better than I originally thought...
...since I thought the original film ("There She Is!") was well nigh perfect...
...but, upon further review, "Cake Dance" was its own film, not merely a sequel, and thus deserved to be weighed on its own merits - which were considerable. (I will try not to spoil it for those who haven't seen it yet.)
The humor in the story was leavened with a larger touch of bittersweet (this time, the motivation for feeling/caring about him is mainly from outside the relationship, as opposed to the first film). The animation was less groundbreaking in technique, but in this case, the execution of the animation (the most important thing, imo), was spot-on. It's a different story, so the frenetic pace of the first film wouldn't have fit here.
The music fit the animation well - a good choice.
The 2 for violence is for what I would call a mild dramatic threat of violence to one of the characters - this isn't "Hello, Kitty" ;)
All in all, I can't wait for a third film - once more, top notch work from SanBakZa (if this keeps up, English won't be the only language the filmmakers here will have to learn :D )