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Quite a large chunk of the last few chapters are re-used wholesale from the original Bayonetta, even if they're used in a different context, like during the end of the witch hunts, and you go through some parts of the level that you couldn't in the first Bayo, riding witch-mecha, fighting alongside Rosa. It's cool, don't get me wrong, but I dunno, it's just a bit of a let down after the Inferno level (and two pretty cool bosses), and then returning to assets that had already been reused twice in Bayonetta. They also reuse both the Father Balder, and all the Audito boss fights too, which is a shame, considering the effort they put into some of the new bosses.
The big thing they made about the underwater sections (and the Snake Within) is a mechanic that doesn't really go anywhere - there's maybe three times where it's used.
The final boss is both better than Jubileus, and yet, feels lesser. Mechnically it's superior - it's a human sized boss, who's quick and has a large moveset (think a good version of the Despair Embodied from DMC2), and keeps up the pace, but without being a cheating bastard. At the same time, it's lacking the atmosphere of the Jubileus fight, and feels like a massive anti-climax.
It's a minor thing for an action game, but the story is pretty lacklustre too. The premise is good, but the twist that time-travelling Balder is actually the Masked Sage, just made me feel they wasted a good new design on a character who really didn't merit further exploration. (He's alright as it goes - just feels kinda wasted to me ) The antagonist is pretty dull as well, honestly. Some good boss fights out of him, but's he not really that engaging of a villain. The pacing is also kinda weird - the first game had issues with that too, but here for example, Bayonetta gets to Inferno around Chapter 12(?) speeds through hell, and by Chapter 14 it hits the aformentioned recycled stuff, and then game ends at Chapter 16.
It really feels that they're being restrained by the success of the first game really. The combat is top-notch, no two ways about it, and as soon as it comes out I'll be getting it, but everything else still feels like its in the shadow of the first game.