I wouldn't quite say they've outdone themselves, as I still prefer the first album overall, but the new album is definitely almost as good. It just has a couple more clunkers for me. But I've been listening to it non-stop.
It feels like their inspiration is slightly less blatant on this album. I say slightly, because the album even kicks off with a Judas Priest copy, and you can still pick out some obvious influences, but the whole album feels a bit more unified with Steel Panther's heavy style, and I like that.
Musically the new album is on par with the first album. Lots of great riffs and layered guitar harmonies, and the vocals are great. I find the lyrics to be a bit less creative this time though. Not that they were anything close to poets, but some of the lines feel a bit lazier and padded (see "If You Really, Really Love Me").
But all Steel Panther fans (all 2 of them on this forum) should definitely get this album. You won't be disappointed!