Nicole and I went to see this at the movies for Family Night (Danny missed it and don't ask why). We had a very good time. Got something to eat first, and then bought some popcorn and enjoyed this flick, even thought we had set out to watch Bolt instead. Overall, a very nice date with my daughter :)
I haven't seen the first one (Madagascar) but I didn't feel like I was missing any substantial information that precluded me from following the sequel.
The story is very simple, and it's all in the title. The animation is good and so is the acting. Naturally, the script isn't bad either, or I'd feel very different.
A good movie for the whole family.