I saw the Urban Legend a couple of years ago, and I only just saw Urban Legends: Final Cut. I thought it was pretty good for a sequel, and you don't NEED to see the first one to get it, just like you don't NEED to see the second one if you've seen the first.
Basic plot line: A girl named Amy has decided to do her College Thesis Film on Urban Legends, after hte idea was planted in her head by security cop Reese, who was one of the survivors from the first, played by Loretta Devine.
After the school's star pupil Travis is found dead, everyone assumes it was suicide. But after Amy and her film crew see soemone else's film, which shows one of the actors in Amy's movie getting horribly stabbed, Amy begins to get a little worried. After seeing her Director of Photography die on CCTV, Amy realises that the movie she had seen was in fact a snuff movie, she and Travis' twin Trevor begin to investigate. Soon, more and more of the crew die and the movie comes to the end, where there is a chilling shot of UL2's killer in a Mental Institution, being pushed in a wheel-chair by the killer from Urban Legend, who of course, was still alive.
The music was excellent, acting average, and some of the dialogue just didn't sound like the language students at a College would use.
Overall, I recommend to see both Urban Legend and Urban Legends: Final Cut, and see which one you like better for yourself.