A part of me actually prefers the first Hot Shots because it's not so in-your-face slapstick comedy (it still is, but not as much as Part Deux). But I always get them impression that people prefer the second. Bridges / Benson in the first film is funnier than the second film for me, so that sways it.
The first Hot Shots was definitely more clever in its parody, a little more intelligent. Part Deux said "fuck it" and went full tilt on the absurdity to try to one up the first movie.
Bothe great movies for different reasons, but Part One aged more gracefully.