I haven't seen Creed yet, either of them, and that has me concerned mainly because I hadn't even heard of them until after they were released. So I can't weigh in on all the Rocky movies just yet...
... But Rocky II is what I consider to be the last real Rocky movie. That doesn't mean I don't like the others, but it means that there was a dynamic shift for the series after II.
I and II were heavy on the characters and relationships in the universe (although Creed was under-developed in I). In Rocky II they make up for that and you get to know Creed as someone who is a pompous and arrogant poser on the surface and a much deeper and respectable character underneath. And that other side to him comes out in the final bout. He's deeper than just flash, and Action Jackson did a stellar job at portraying that in a way that was essentially nonverbal at the end. It's actually a very enjoyable performance
It's also a performance that rounds his character off to the point where you can believe he did what he did in Rocky III. It adds nicely to Adrian (who after II became a regrettable side character), Paulie, and Mickey.
In the end what you have is the last great Rocky character film before the franchise drifts away to highlight boxing, only to come back to it's roots in Balboa.
Undaunted by his defeat, the eponymous Italian Stallion and his stalwart trainer "Mickey" (Burgess Meredith) return for a rematch against the cock-sure champ "Apollo Creed" (Carl Weathers) in this superior sequel that manages, successfully, to build upon the original film and to develop some interesting, quirky, characters whilst again epitomising just how boxing was the route out of poverty for so many urban kids even as late as the 1970s. Written and directed by Stallone, he captures well the aspirational characteristics of this generation; the determination to succeed - and of his personal decency and devotion to his gal "Adrian" (Talia Shire). Is he actually acting, or just being himself? Well I am not sure that really matters. This is a film about integrity and ambition and though there are a few rather simplistic plot holes, they seem only to further authenticate the film warts and all. It all comes down to the long Bill Conti-themed run as he garners fans old and new on his run through the city before a much longer and intensely photographed denouement at the end that showcases just how visceral boxing can be. Maybe not for everyone, it does glorify something that it is impolitically correct to do 40 years on, but this is a good film that cuts through well, even now.