Whew - I am glad I decided to press on and read this one after the first volume (which was a dud in terms of writing and the art) because it was MUCH better.
First, the art is so much better. George was just starting out in the first volume and hadn't reached his peak yet (that is still after this in New Teen Titans), in this volume you see his true style coming through and why I fell in love with his art in the 80's. You also have inkers who are much better suited to his style (Pablo Marcos for one) than the ones in volume one.
Second, the writing is better. We get some more coherent stories and better writing, Marv Wolfman is doing the majority of the writing and while no one would call these classic stories they are a more fun than the first volume. It has one of my favourite FF stories of that time from FF Annual 15. A little complaint - since it focuses on George's art we see stories that talk about Reed Richards losing his power and the FF disbanding but then we skip ahead to them being back together with Reed having his powers back so that is a bit frustrating - but understandable.
Overall - a lot better than volume one and a nice collection of George's FF work.