If you're a fan of horror movies that is waiting for a part that can shock you or waiting for the big climax in a film then I guess this is the perfect movie for you! I've watched the first Phobia movie that's why I can't resist to watch the next version and it is scarier. It has different kind of creepy story where curiosity pops out and Curiosity is very important in any suspense/thriller/horror movie(s) because it is the reason why you want to continue watching these kind of genre. My personal favorite are Backpackers and In the End. Endings has the best stories haha.
So if you're planning to watch it then go ahead.
If you think this is not the scary type of movie then try to watch it in any of those 5 parts (because it has a different story) then end it if it's not scary enough for you. That's all :D
Phobia 2 is the rare horror sequel that surpasses it's predecessor. Novice is a great story that uses elements that I have rarely seen in other horror films (Gods, Buddhism, etc). Ward and Backpackers are the weakest entries here although both are still pretty decent. Salvage is a nice addition with a good twist ending. In The End is my favorite tale and is another horror/comedy combo that has become a staple of the series. The story was actually really funny and creepy, a feat not achieved by many other films. It would make the movie worthy of a watch even if all the other stories weren't good (but thankfully they are).