I rented this movie based on the rating, especially for language. My kids really liked it. The only problem is that the rating stated "some mild insults" but I think the word a...hole is not mild. Wish I knew before.
The biggest problem with this sequel to a great 80s movie is that it's really not very good. There's some bad language in it but the Ghostbusters really take on the role of being heroes to the people of NYC, which is good. The Peter Nichols character, Johann, is kinda creepy. His eyes glow and he pulls a Mary Poppins/Mrs. Gulch trying to steal Sigourney Weaver's baby. The Vigo character (portrayed by the great Max Sydow) is pretty creepy too. But all in all it's pretty mild. I seem to remember a scene in which Sigourney doesn't have a shirt on (but a bra rather) while bathing the child, but it's not even remotey sexualized (for the opposite, watch "Alien"). My kids like it but they're easily entertained. I'd be more concerned about your kids being bored or not enjoying it than picking up on anything potentially bad within the movie.