I think H2 blows H40 out the water. H40 was good, but it didn’t have a proper Halloween feeling to it. Where as H2 feels pretty much like the original H78 imo.
I don’t think there should have been a sequel although H2 was the first one I saw in 1982 on VHS as a ten year it does hold a special place for me. I’d be more in favor of stand alone Myers films. Different times, different people, different circumstances. It keeps the shape fresh for any generation however they see it. I simply could not relate to anything after H2 as scary. I love the classic directors like Carpenter and Kubrick that left questions unanswered and left you in an unknown abyss of your own fear.