This movie does match and surpass "The Rocky Horror Picture Show" in many ways. You can tell that Richard O'Brien and the film's producers had a bigger budget to work with. The songs are a match to the original (same song writer, same style...). Visually, a little too heavy on the reds, but this WAS 1981, after all. This movie will be enjoyed by those who will get the Rocky Horror references that are scattered throughout. Too bad Barry Bostwick and Susan Sarandon weren't there to provide a little more continuity to their characters. Jessica Harper does a great job though, she appeared in several off-beat movies in the 70s ("Phantom Of The Paradise" and "Suspiria" spring to mind) so playing in a Richard O'Brien movie was not too much of a stretch for her it seems. This sequel was, to me, a lot sexier than RHPS. The original seemed to center on campiness and shock value, it's here as well, but there is a lot more eye-candy in this sequel.
I'm still waiting for a Richard O'Brien / John Waters musical collaboration. Imagine the possibilities!