  We use the Gaussian-fit results of Paper I to investigate the properties of
interstellar HI in the Solar neighborhood. The Warm and Cold Neutral Media (WNM
and CNM) are physically distinct components. The CNM spin temperature histogram
peaks at about 40 K. About 60% of all HI is WNM. At z=0, we derive a volume
filling fraction of about 0.50 for the WNM; this value is very rough. The
upper-limit WNM temperatures determined from line width range upward from about
500 K; a minimum of about 48% of the WNM lies in the thermally unstable region
500 to 5000 K. The WNM is a prominent constituent of the interstellar medium
and its properties depend on many factors, requiring global models that include
all relevant energy sources, of which there are many. We use Principal
Components Analysis, together with a form of least squares fitting that
accounts for errors in both the independent and dependent parameters, to
discuss the relationships among the four CNM Gaussian parameters. The spin
temperature T_s and column density N(HI) are, approximately, the two most
important eigenvectors; as such, they are sufficient, convenient, and
physically meaningful primary parameters for describing CNM clouds. The Mach
number of internal macroscopic motions for CNM clouds is typically 2.5, but
there are wide variations. We discuss the historical tau-T_s relationship in
some detail and show that it has little physical meaning. We discuss CNM
morphology using the CNM pressure known from UV stellar absorption lines.
Knowing the pressure allows us to show that CNM structures cannot be isotropic
but instead are sheetlike, with length-to-thickness aspect ratios ranging up to
about 280. We present large-scale maps of two regions where CNM lies in very
large ``blobby sheets''.
