Avatar: the Way of Water feels bloated in a way the first movie does not. There's an enormous cast of characters this time around and the movie introduces a lot things to make them potentially interesting, but the movie is too busy setting up things for the sequels to provide enough depth or satisfying character arcs for them. So unlike the first film, the incredibly long and indulgent spectacle sequences (of which there are many) often don't have an engaging context (although in a vacuum these sequences are still quite good.)

Audiences seem to mostly like it, though. My little brother quite liked it. I wouldn't discourage anyone from seeing it if they were interested, but temper your expectations.