Fright Night Part II is, IMO, very nearly the equal of the first movie, which itself is my favorite horror film of all time. That said, I have been waiting for a few years (ever since the release of the first FN film by Columbia TriStar in '99) for Part II to become available on DVD.
I'm not disappointed that the presentation is full-frame, 1.33:1, as from what I understand, the film was originally shot in this aspect ratio. I'm not even disappointed that there aren't any extras to speak of (extras being rare for any sequel DVD, really).
No, the problem lies with the ABOMINABLE transfer. The movie seems to have been mastered directly from whatever print Vista had lying around--it's very grainy and looks about the same, or perhaps slightly worse than, an SP speed VHS copy. For DVD, it's absolutely hideous. Artisan should know better than to release such product without at least attempting a remastering which would have tightened up the picture and made it worth the DVD release (look at the 2 films' DVD releases side-by-side...nothing to compare!).
If you're a Fright Night completist or just really really like the movie, buy this DVD. It'll keep your VHS copy (you know you have one!) from withering away. Don't buy the disc looking to be wowed by the digital format, you'll disappoint yourself (I did).
The movie: 4 stars (out of 5)
The DVD: 1 star
Average rating: 2.5 stars