This was a good old HBO movie when I was a teenager.
The second Predator movie really opens up the formula by placing the alien hunter of skulls in the midst of Los Angeles. Danny Glover and Bill Paxton are cops in LA during a big heatwave. Something is killing off the most violent criminals in the city and stealing their spines. Glover has the job of hunting the hunter but, of course, soon becomes the hunted himself.
There really is something appealing to me about a movie with a limited cast. Die Hard works well because you can count off the terrorists as they go. Predator worked well because there were only like 8 guys in Arnold's unit and we watched them get picked off one by one. Something is lost in tension and immediacy when the whole city of Los Angeles is fair game for our beastly villain. Gary Busey plays a bugnuts special operative sent by the government to capture the Predator. He adds a lot of fun to the movie. Besides the lesser tension, it works pretty well as an action/sci-fi/horror movie. They push the mythology of the movie universe forward a little and have some good set pieces.
If you enjoyed Predator 2, I would highly recommend Batman Vs. Predator from DC and Dark Horse comics that came out at about the same time. Basically, Batman takes Danny Glover's place in hunting down the Predator and the comic is just as awesome as it sounds.