It's definitely better than EQG1, but that doesn't make it good.
They definitely stepped up the animation, the plot was tighter, there were less "deus ex" moments, less "trop-ey" moments (although I guess playing in a band to win a competition is kinda... ehhh...) and I thought the pacing was much better. And they had Trixie!
Okay, side note here, I love Trixie, but I hated her in the movie. I always thought of her as not really a "villain", more of just a side character with an overblown ego. Even in Magic Duel, all of her actions were just an attempt to bring more fame to herself, without really being malicious. Twilight had humiliated her, and she wanted revenge. But in this movie, she's just... I dunno, mean for the sake of being mean, and I really didn't like that.
Overall, it's a "meh" movie. Definitely not the best out of the trilogy, but it's mountains better than the first.