The Adventurer's Vault 2 has the same set back as all the 2.0 materials. It is about 60 pages shorter in content than the first Adventurers Vault. This would be an okay things if WoTC didn't charge the same price for both editions.
The content that it covers is the same of the other minus mundane weapons. We only have magic items, in this Edition. I would have liked to see some stats on some more exotic weaponry.
The new magic items added to this edition are; tattoos, wondrous lair items, immurements, and item sets.
Tattoos, these are actually covered fairly well. The made a whole lot of them and gave a lot of options.
Wondrous Lair Items, this was also covered fairly well and gives options to all level ranges. Makes a slowly modified and grown guild hall with magical awesomeness in your reach.
Immurements, due to the power of there items I feel that they were fairly well covered. I think it would have been nice if WoTC could have found a way to make at least a few paragon level ones.
Item sets, this is by itself is not a disappointment. There are many different sets covering all levels, from heroic-epic. And each level has three or four different sets. Where my problem began is with the introduction of group sets. I was quite excited by the idea, but I was severely let down due to the fact that there was only 5 sets total introduced here. I would have been fine if WoTC had just left out the Group Sets and given us more regular item sets. But with the introduction of the group set and then not fully covering it I think they made a grave decision that left me wanting instead of being satisfied.
All in all it is a nice addition, but it could use more in general. Add about 4-6 more pages and we'll be gold.