Not quite as satisfying of a read as the first volume, probably because it doesn't have the same focus. Now that the Pride storyline's been settled, we're basically left with a no adults, costume free version of Generation X. This is not a bad thing, necessarily. I really liked Generation X. And I really like these characters, most of them. (I haven't quite warmed up to Nico.) There are a lot of guest characters involved here, including some really big names, some of them acting very dimly. Captain America in particular has not made a single good showing any time he's shown up in Runaways, though Spider-Man does just fine. It makes sense in the context of this book: is there a more grown-up superhero in the Marvel U than Captain America?
I think the biggest issue (which isn't even that big, honestly) is that many of the major plot developments feel rushed. Karolina gets a huge storyline and plot development, but it goes by so fast that it was over almost before I knew what was going on. I hope that more will be done with that later on, because that storyline didn't really come to a satisfactory end.
The short crossover comic with X-Men that ends the collection might well be the best thing about it. It doesn't take itself seriously for even a moment, which is why it's so much fun.