As was the first, this was a cute movie--though this one was a bit more cheesy than the first and the story line was not nearly as deep. Keep in mind, however, that this was in the era in which sequels were never as good as the originals. Only in our modern day do we find sequels that live up to, or even surpass, thier predecessors.
The best part about Cocoon: The Return, was that the original cast was completely in tact. I would have liked a more involved, deeper plot, and it would have been nice to see the alien planet or some more of thier powers and abilities, etc.
But it is what it is. And what it is, is cute, but perhpas not worth your time unless you're incredibly bored as I was today. Plus I'm a sucker for a sci-fi so I kind of felt obligated to see it. :P
My Rating: 1.5/5 (somewhat entertaining, only based on the fact that I sort of liked the first one)
My Recommendation: Skip it. Not skip it like it was bad or terrible, but there are so many other great movies you could fill your time with instead. Otherwise, catch it on TV... if you're really bored. :)