ME2 only hovers inbetween in that it has the worst elements of both. I don't really get how so many people consider it the best of the series, I assume it's a severe case of consolitis.
Even though the main story was relatively banal, it didn't offend people the way ME3's story did (and again it wasn't the main focus of the game while in ME3 it was.) I enjoy how ME2 felt like it wasn't really connected to the reaper plot (a frequent criticism) compared to the ME3 shitshow. I keep mentioning this but the dream sequences were so bad, such a hamfisted attempt at tugging at the players heartstrings and they have been widely panned. Nothing that cringe from ME2.
ME2 was supposed to be a middle part of a trilogy, an Empire strikes back of sorts. The way it should've been:
ME1: introduces the reaper threat
ME2: sets up a way to deal with the reapers
ME3: shows us the grand finale where Shepard defeats the reapers by using the solution from ME2
By ignoring the overarching plot, ME2 burdened ME3 with a bunch of additional bullshit to set up and explain.