Not really. The first one caught everyone off guard by just being a great movie all around even if you didn't know the character. The second one suffered from a major case of sequel-itis. They got rid of the the guy playing Rhody (who did do a great job by the way) which changed the chemistry between those two characters...and they are supposed to be life long best friends.
They had too many characters in the movie and way too much bullshit eclipsing Rourke's character completely. The entire end fight scene was anti-climactic because they didn't make it personal enough between Robert Downy and Rourke.
If that had been the first movie, it would have marked the end of the Avengers project. Everyone saw it because of the fame of the first one.
Hell, I have only seen the second one twice and may not watch it again for a long time. Meanwhile, the first one is one of my favorite movies all around.