In 1992 Hasbro decided to re-launch the Transformers brand with a new line devoted to repainting and re-issuing some of the more popular toys along with creating brand new toys with a more modern style. The original cartoons were revapmed as well with some CGI filler added to each episode as well as a reworked opening sequence using full CGI rendering. This sort of kicked off the next series to come, the Beast Wars, which was the first fully rendered animated series in the Transformers universe.
Generation Two was also the first series to make a distinction between the original series and the new series, which caused fans and the media to retcon the Original line as G1, even though it was never officially marketed as such until years latter when they began the G1 Reissue line and the Heroes of Cybertron line.
Although there were no new original cartoons, there was new comics which also tied into the original series keeping the continuity going. There are a lot of fans that are torn over the significance of Generation 2, some think of it as a filler line leading up to Beast Wars, others a mere extension of the original series, and some who just don't count it at all. Myself I look at it as both a continuation of G1 and a bridge between the original series and the latter stuff. As far as cartoons go, I actually liked the revamped episodes even thought they were kinda hard to watch at times. I never did read more than the 1st issue of the comics so I don't have a really good idea of those. All in all I loved the new toys introduced in Generation 2 and the series kept me collecting TF even into my teen years so as far as I am concerned it is a great line of toys.