1st Appearance of Doom: thumbs down; Victory of Doom: thumbs up!
The second Fantastic Four Annual is better than the first, but only by a little bit.
The first story, 'The Fantatstic Origin of Doctor Doom!', is a nice recap, but it's only about 10 pages long and moves pretty quick. This part is above average.
But then the next story is a reprint of Fantastic Four #5, the first meeting between the FF and Doom, which isn't that great a story. I've already reviewed it so I won't repeat that here suffice to say it's a below average issue.
Then there are a handful of so-so pinups which pretty much takes us two thirds of the way through the annual's page count. So far we're averaging sub-par, especially for an Annual.
But then comes the saving grace. The last third of the issue is a story called 'The Final Victory of Dr. Doom!', and this is actually the first really good Dr. Doom story ever printed. Doctor Doom's personality and conflict with Reed Richards finally fully gels with this story. His methods and attitude here is the beginnings of the Doctor Doom we know today.
My recommendation is to read the first story and the last story in the volume and skip the lengthy, lackluster first appearance story in the middle, even if you haven't already read it.