First of all, I have seen the first movie, and I'm firmly convinced that the people who made Bloodlust were making it partly to make up for the abysmal quality of the first movie. I'm almost sure that they were actually ashamed of it, since they never actually mention the title "Bloodlust" in the movie, not wanting to admit that they ever made the abysmal stain on D's name that the first movie was.
Fortunately, Bloodlust wipes away any stain the other movie might have made. D himself is a much better character, and keeps what coolness he had in the first one, and then some. An added (and way cool) feature is another bunch of vampire hunters, the Markus Brothers. Unlike the similarly-named Marx Brothers, they can get the job done and look pretty cool doing it. Joining them is Leila, a chick whose family was killed by vampires and now wants revenge.
The most amazing improvement in the movie is the villain. The vampire being hunted, Meier Link, is actually quite sympathetic: despite his past deeds he has now mellowed thanks to a newfound love with a mortal, Charlotte, who the vampire hunters have been hired to bring back. The real villain is the bloody Carmilla, who had an affair with D's father, the "vampire king" (unlike the first movie, the name Dracula is never mentioned... thank goodness), and is now trying to use Charlotte's blood to resurrect herself.
Along the way Meier is helped by the Barbaroi, a motley collection of mutants and monsters who serve the vampires. Thanks to the coolest character in the movie, Grove, our heroes only have to face three Barbaroi, but even that seems like quite a challenge.
Gone is the square-headed, throne-slouching vampire and his fat-headed daughter of the first movie, and thank goodness for that. The vampires in Bloodlust are regal and good-looking, making them actually look like vampires rather than funny-lookin' people dressed richly and talking with funny accents.
The movie, despite what SOME people might claim, actually has some pretty cool animation. The dubbing is quite well done, and if a few lines suffer noticeably, the effect is barely noticeable compared to the rest of the movie.
One thing that deserves props is the vampire feel to the movie. It starts, for instance, with a vampire space station, looking like a cross between a space station and a cathedral. I also loved how the Markus Brothers look quite bitchin'ly like vampire hunters: their headlights are crosses, for instance, and their armored train-tank-truck looks beat-up and ancient, yet functional and quite bad.
I also have to mention D himself. The character was actually pretty cool in the first one, and all that coolness really shows up in Bloodlust. The only complaints I have is that in some shots he looks like a chick, and his sword should have been totally straight, not slightly bent. However, his character is awesome: he's just good enough at what he does to be cool, without being so good that it's not exciting to see him fight.
Something that I think could use mention online is the source of D's species name, "Dunpeal", meaning half-vampire. In the first movie this was called "Vampeal", a translation of the Japanese mispronounciation of "Vampyre", which is the REAL half-vampire. In Bloodlust they decided to either leave it "Vampeal", or admit their mistake and make it "Vampyre" (potentially confusing audiences), or take it all the way and make up their own word. Hence "Dunpeal".
One huge improvement on the first movie is the improvement of D's parasite's look. In the first one he looked like an evil, poorly drawn face. Now he looks like an old dude and is capable of expressions, and actually some movement. Plus, when he swallows spells now you can tell that he's swallowing, not blowing the spell outwards or screaming or something.
What should the last paragraph be? Well, I think I should say again how extremely cool Grove is. His abilitly has to be seen to be believed. I think I'll let the parasite have the last word, regarding D: "You're not bad after all. You just... dress bad."