
Rolling Thunder had moxie. It played decently enough (short version: lanky dude walks to the right shooting things, and can jump between floors and duck into doors for ammo), but the original Rolling Thunder was hard like many old arcade games were hard, and often felt like memorization was more important than reflexes. It sure as hell had personality, though. The main character had more animation than many sprites in 1986 did, and the graphics and soundtrack had a cool espionage feel that fit perfectly, and made the experience compelling and memorable.
Rolling Thunder 2, in comparison, is kind of dorky. It arguably plays better and has technically superior graphics, but my God, man, where's the cool? It's like visiting an old buddy from high school and finding out that he's given up video games for Dungeons & Dragons and LARPing. It's the same guy you knew from years before, but something's not right.

Much of this dorkiness you can blame on the Sega Genesis. The arcade version of Rolling Thunder 2 had fewer levels, but it was quick to get to the good parts after some initial weirdness. The Genesis port, though...well, it adds new stages, weapons, enemies, and bosses, but they're all kind of terrible. The first level is quick, painless, and identical to the arcade version. The console-exclusive second level ends with a frustrating fight against a brand-new robot boss, who you may have to fight using a crappy flamethrower found only in the Genesis version.
If you beat the boss, you get to play through another fun arcade level, though you'll later have to suffer through two additional Genesis stages. The difference in quality between the well thought out arcade stages and the poor Genesis levels is striking, and it gives the game a schizophrenic feel in comparison to the original Rolling Thunder, which was at least consistent in its faults.
Rolling Thunder 2 also lacks Rolling Thunder's stylized look and creepy setting, replacing them with garish backdrops and characters more fitting of a made-for-TV spy movie. It's a subtle change, sure, but it makes Rolling Thunder 2 less memorable and more generic-feeling.

If you liked the original Rolling Thunder and can stomach the lame Genesis levels, silly weapons, and the loss of its essential style, you might otherwise find a lot to like in Rolling Thunder 2's gameplay. There's technically nothing wrong with it; it's still just as satisfying to dodge bullets by jumping between floors and to pop out of doors with guns blazing. It just seems sillier and less significant now.
It's also hardly worth eight dollars. Save your money for something else. Something else that isn't Donkey Kong Country 3. Here's a clip of the arcade version of Rolling Thunder 2, which features some really great music.
And here's a video from the awful Genesis-exclusive second level, for comparison. Note the impossible-to-shoot panthers. And the flamethrower. And that damned robot.