I really enjoyed the first Hatchet, the characters were fun and it has some of the best kills and gore in recent horror movies. The second Hatchet has too many throw away characters so it's hard to root for any of them and the movie suffers from it. The kills and gore however are excellent again. If they can keep that up I wouldn't mind seeing some more installments.
I'm still not entirely sold on the design of Victor Crowley. It's yet another deformed hillbilly in overalls.