Totally agree with robotzombie. I'm only three hours in, but it outdoes the first game. It's even more absurd and wacky than I expected. The first batch of stages are a bit short, but I guess that has something to do with all those additional bosses.
As for the side jobs, they give you more money than the ones in the first NMH. They are certainly more fun, IMO. I was able to buy my first beam katana after doing one side job for a few minutes. It also helps that you don't have to pay a registration fee for the ranked fights, too.
I also noticed the game uses tracks from the No More Heroes Dark Side arrange cd. It's good music, but I was hoping for more original Masafumi Takada tunes.