Instead of just including the deleted/alternate scenes of "Anchorman", the producers edited them together into a brand new movie. Even though there is new narration explaining how it is a sequel, it is very clear to anyone watching that many of the scenes are alternate versions of scenes in the original film. The main plot (which is most likely a discarded subplot from the original) involves a pacifist gang called the alarm clock, whose members include Maya Rudolph (SNL), and Amy Poehler (Upright Citizens Brigade, SNL) is also in the film. This movie is not as funny as the original, and moves a bit slower, but all together it is worth seeing if you liked the original.
Review of Wake Up, Ron Burgundy
