The thing I like about the Shaft series is that they don't skimp on the action or the story.
I don't think I'd go as far as to say that this is as good as the original Shaft, but as far as being a continuation of the story (which it is), it's perfect.
Basically, two black businessmen, Cal Asby and Johnny Kelly, have been running numbers in Queens. For those of you that don't know, running numbers is basically a private and illegal lottery. They were also running an insurance agency and a funeral parlor.
Asby was going to buy Kelly out for about $200,000. Kelly owed the mob for the same amount. Kelly planned to steal the money, kill Asby, and still retain his share of the business. He succeeds... for the most part. Asby hid the money.
Now the mob wants in on the numbers game. Kelly agrees, but he tries to maneuver a double cross by setting the Italians up against a black crimelord, Bumpy Jonas (a character from the first Shaft).
So where does John Shaft fit in all of this mess? Well, Asby was a friend and Shaft was fucking Asby's sister, Arna. Kelly is trying to kill Arna so he can control 100% of the business. Plus, Shaft wants that $200,000.
There are some really good fights in this movie. Shaft even gets his ass kicked which separates him from the seemingly untouchable characters in other blaxploitation movies.
There's also a really cool chase scene with multiple cars, a boat, and a helicopter. You don't wanna miss that shit.