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This one holds up just as well as the first. If anything, Christopher Reeves and Margot Kidder are in even better screwball comedy form as part of the subplot involves them pretending to be honeymooners in Niagra Falls.
The villains are also better here. Hackman's Luthor still doesn't quite work (he may even be somewhat less believable), but Terence Stamp totally delivers on the B-Movie villain goodness as General Zod, striking the perfect balance between menacing and droll.
Compared to the theatrical cut, this one works better as well, particularly by dropping some goofy comedic bits from the final confrontation and by adding a bit more cleverness to Louis Lane, allowing her to assume more agency in discovering Superman's secret identity.