Just completed this, thoughts below:
+More of the same, which is a good thing
+Wisely expanded the 'tools' you can use with gels, light-bridges etc (although I thought the bridges and beams were a bit too similar)
+More narrative than the original, with a greater focus on a sort of movie style progression as opposed to a stream of test chambers
+Wheatley is excellent
+Some very rewarding puzzles when you figure them out, particularly some of the ones involving laser redirection
+Good physics e.g. collapsing buildings and the gel, didn't seem to hit the framerate much
-Seemed a lot easier than the original game, less focus on timing
-Game kind of petered out towards the end, I was expecting some monster chambers with lots of hazards late on (similar to Portal) but it never materialised, just ended up being "figure out how to make use of the gels"
-On a related note turrets were underutilised, I get a great sense of satisfaction from knocking them over
-Boss fight was a bit of a let down and it 'telegraphed' the solutions a bit too much e.g. splashing orange gel next to a portal-friendly wall
-Graphically sub-standard in places, the 'sterile' look felt less suitable than in Portal
-Ridiculously small levels i.e. you get bombarded with load screens every few minutes
All in all I really enjoyed the first half of the game but it faded a bit, perhaps the sort of game that would work well as episodic content (e.g. say 3hrs of gameplay every 6 months).
Good value for the £5 or whatever it cost, and I haven't tried the co-op yet.