It's fun to blow things up.
There's a difference between a very fun game and a very good game. A very fun game will offer almost endless kicks from beginning to end. A very good game will provide the same value as a very fun game while also offering few technical problems, an interesting storyline, and perhaps a really good multiplayer option. Well, at least Mercenaries 2: World in Flames has a really good co-op mode.
This game is pure testosterone-fueled fun. If you like explosions, hijacking helicopters in midair, and political intrigue, than 2/3 of this game are for you (Hint: No intrigue here). The storyline is more generic than Call of Duty 4's, and much of this poorly-covered "revolution in South American country" ground was covered even more poorly in Just Cause. The characters (more specifically, Mattias Nilson) are entertaining, but say the same things every 5 minutes (Literally. Count it.). Also, the "anything, whenever you want it" PDA is gone from the first game, replaced by scattered shops that all have different things and are 500 miles away from each other. Anyway, onto the fun.
You can blow up an oil rig in this game. With your friend. And detonate it as you're jumping off like in the end of Die Hard With a Vengeance. That is how awesome this game is. There are many "very fun" games that contain only half the fun of that. Another example: Hop in a tank. Get your friend to get a helicopter. The helicopter has a winch. Pick up the tank. Instant fun. The sheer amount of stuff you can do in this game is amazing. Honestly though, it's not quite as fun to play alone. It's still enjoyable, as there's a ton of collectibles, side-missions, and story missions that make you feel like a badass, but it's far better with a friend. The original Mercenaries was a fine game, and if you're only expecting a remake of the first, you'll be pleasantly surprised by the good (not great) graphics, the beautiful next-gen explosions, the amazingly un-laggy online co-op, the wider selection of vehicles, the greater number and variety of missions, and Mattias Nilson being even more badass than in Mercs 1.
In the end, this is a game that has greatly benefited from appearing on this generation of consoles. Go in expecting the same enjoyment that the first game provided, and you'll come out impressed by the few great improvements. Worth a buy, seeing as it provides a better sandbox than even GTA 4.