The story quickly jumps back to where it started in the first volume, although this time the chain of events is different. This volume pays a lot of attention to developing Mion's character. Her twin sister Shion is introduced, which opens up a great opportunity for twists in the future. So, in terms of characters, this volume is an improvement.
Also, I can't decide whether or not it's my imagination playing me a trick, but I also felt that the artwork was slightly better. Something about the characters and the lines seem better than it did in volume 1.
The amount of sillyness is as high as in previous chapters, which only emphasizes the quick change of mood from happy to dark. Appearantly Mion has been hurt by somebody, but who hurt her, and what consequences will that person have to face?
But there's an even more important question to ask: Who is going to die during the night of the Watanagashi? And who is going to disappear.
In my opinion this is the best story arc of the original 4. It's creepy, very well drawn, and one of my favourite characters (Mion) gets a lot of time to be developed properly. The story is as good as it gets, and it masterfully proceeds to make the reader curious about what will happen next. Simply amazing!
Entertainment Value: 10/10
Overall: 9.6/10, which is a pretty big improvement from volume 1. I can't wait to read the rest of the manga's, but I'm doing my best to restrain myself from reading it all at once.