I've never played this one but the thing that made the original so good was being able to drift from platform to platform as you flew. The game mechanics were excellent and this sequel seems to lose all that.
A bit more history on Bombjack 2 (as well as Beyond the Ice Palace)...Bombjack 2 was ported from the C64 version, which was originally a Thundercats sequel. They even kept the Thundercats theme and Liono as the main character in the C64 version. Have a gander at this... http://www.youtube.com/watch?v=HGww6iixTgY&t=8m30s (I linked to the point in question, but the whole vid is worth a watch).
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The sequel seems a fair bit harder too.