The Vietnam cult (or wherever it was) is the best story out of the two films.VHS 2 was pretty bad, especially compared to the first one. The situations were just kind of weak, and weren't convincing enough for what VHS tries to do. I was really disappointed, and I didn't even think the first VHS was great other than the first scene.
It's not even worth checking out as a curiosity even if you liked VHS.
The others are weaker than the first but far from not worth watching.