Unlockable: Weapons
Beat the game to unlock two weapons, the Tesla Cannon and the Spreadgun.
Hint: Go Evil
Being good unlocks far fewer weapons because you're a schmuck. Opt for the negative moral choices to unlock more weapons from the get go.
Unlockable: Bonus Weapons
Have a saved game from Army of Two (the first game) under the same profile or gamer tag to unlock permission to buy the AS-KRI and Grand Pinger.
Unlockable: Characters
Perform the actions below to unlock additional characters:
Jonah - Beat the game on any difficulty
SMILEY - Beat the game on any difficulty
Dante - Beat the game with 100% "bad choices"
Isaac Clarke (Dead Space) - Beat the game with 100% "good choices"
Unlockable: Cheats
Complete the game to unlock Big Heads and Infinite Ammo cheats (check the Options screen afterwards). While cheats are on, you cannot earn trophies or achievements, you loser.