It's hard for me to say which of the first two movies is better! They're both so good. (After that, I agree, the quality drops off.)
One interesting thing about the second one is that you get such a mix of acting styles. There are Powell and Loy, who were masters of the screwball style. Then you have a supporting cast full of more melodramatic, stilted, old-fashioned actors, with two main exceptions. Jessie Ralph as Nora's aunt does the "grande dame" hilariously. And 28-year-old Jimmy Stewart, with a very natural style, acts almost everyone else right off the screen.
The film becomes sort of a snapshot of a time when a lot of things in Hollywood were changing, and not just the Code. It's really fascinating to watch with that in mind.