I'm going to try to be specific in offering points that are not in many of the other reviews here. Essentially, what everyone echoes again and again is that a lot of the longer humorous scenes are cut down. True. Perhaps because a specific cutlist was not published, people seem not to have realized a lot of other things that were cut alongside this, but they stood out for me:
-Peter and Gamora's relationship is altered to be more aggressive, less romantic
-explanation of Ego leaving eggs all over the universe is missing, now we're just suddenly watching a random Dairy Queen blow up for no reason
-the seeds of jokes and comments are removed, making other lines come from nowhere and seem random and/or mean, such as: Drax telling Mantis his impression of her, Peter being called "pathetic" as a thread, seeding Yondu's Mary Poppins rescue moment, there being a limited number of spacesuits and packs, and many more
As well as the things that are missing, there are still beats included which don't let the serious moments breathe and instead immediately undercut them with a joke. Nebula taking over the pirates and then eating a too-bitter radish, Yondu's funeral being immediately followed with Kraglin playing with his arrow, his burial having MULTIPLE shots of silly objects being placed around him, etc. Yes, it's a funny film, but it's also a film with heart, and there's still a lot more room to let those moments have their spotlight.
And on the other hand, there are still more cuts that would help the edit. Sure, you probably need to leave the giant Pac-Man in, but can't the game sound be removed? Do you need so many jokes of Baby Groot bringing random objects to the cell? Such a long, oblivious argument between Rocket and Quill while their friends get sucked out the back of the ship and Nebula crawls around trying to eat a radish??
In the end, this edit is six of one and half a dozen of the other for me. I think it comes down to if you just want a version of GotG V2 that's 15 minutes shorter. There are points for and against watching this version instead of the theatrical, but I suspect most people will end up being forgiving because the story moves faster. On a rewatch, the jagged edges and tonal imbalances that result from that might not be very consequential. For me though, they were.