Even though Hellbound: Hellraiser 2 was rushed to be released just a year after the original, it's an all-around improvement. The cenobites are given far more screen time, actually showing us the Hell that they inhabit, letting the movie focus even more on its crazy, imaginative special effects. Best of all is the weird, mutating tentacle Cenobite that the evil doctor transforms into during the finale.
I'm not that fond of the fact that they give the Cenobites a backstory this time. Turns out they were regular people that become monsters, and not ancient gods. Kind of makes them less cool.