I don't think anyone regards any of the Fast and Furious movies as Oscar winning material. The original was highly entertaining (in spite of Paul Walker's blank expression and surfer dude delivery of his lines), and 4 was a good true sequel to the original and 5 was fantastic.
This early entry to the series though is a serious stepback from its predecessor. Tyrese is by no means a great actor, but generally speaking, he doesn't get in the way of the movies he makes appearances in. This isn't true for 2F2F. He's more of an irritant than the compelling anti-hero they seemed to be going for. And, well... Paul Walker still can't act. And while Rob Cohen is no Martin Scorsese and Vin Diesel is no Christian Bale / Russel Crowe / Jason Statham, their absence here is felt. Singleton directs a movie that feels as if it could've been phoned in as a college film project for extra credit. (Heck, Los Bandoleros, the short film Vin Diesel directed as a lead-in to Fast and Furious was better made than 2F2F.)
Eva Mendes does an okay job not getting in the way other than looking too old for the rest of the cast. And surprisingly, the only player here that performed better than expected was Ludicris.
As far as I'm concerned, unless you're a raving Fast and Furious fan, the only ones you should concern yourself with owning are 1, 4 and 5 (and possibly 6 though until I see it, I can't say for sure but I can say the series is going in a good direction at least).