Just watched and I really like it. i just love the cenobites designs, but i think some just looked like "plastic skin".
The story is "ok" to be fair, the first movie has a better "motivation" to drive the story forward ( [spoiler] the love of a woman to a man who has been taken by the cenobites and was willing to do everything to have him back [/spoiler] ). This movie has a similar story, but i think it lacked more development from the brother.
It's EASILY the best one so far after the original one.

and oh... [spoiler] the last scene where Voight is skinned inside the leviathan to become one of the cenobites [/spoiler] is awesome! that gives some backstory that I really appreciated. I just wish that the scene was longer and more detailed, like [spoiler] showing other cenobites or a "supreme" cenobite performing the procedures to turn voight into a cenobite. [/spoiler]

about the pinhead controversy.. it doesn't affect the movie at all. it was great to see a new design! I don't see the "sex" of the cenobites, just see them as "beings" the body is irrelevant to them, they just want pain extracted from the flesh and that's it. pinhead is a result of that, not a he or she.