It takes you out of your element...
During the first shots, the creature from the Black Lagoon is described as some sort of demon by a man spreading rumors. Although it evidently borrows some of its narrative elements from King Kong, having its beast captured, held captive in an aquatic park and treated like a freak, it actually eventually turns into an even better slasher than the original was.
The story is more layered, the characters more fleshed out, and their arc more complex. You still get those amazing black and white aquatic stalking sequences. They are still effective in creating suspense, but the best moments have Creature now terrorizing a busy ballroom and invading homes. This is done with little violence, but manages to be scary, regardless.
This time, the actors seem more at ease with a concept still strange but now acclaimed. Their deliveries are authentic and the dialogue polished, more intuitive. While the Amazonian scenes from the last film had something visually unique to offer, the new formula gives depth to a bad guy with incredible creative potential by taking it out of its element and into ours.