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For pt.I, see ibid., p.3504-8 (2004). In Part I of this paper, we analyzed the asymptotic mutual information of the joint-decoding MIMO systems. Here in Part II, we focus on the performance analysis of the MIMO systems with various separate decoding schemes, i.e., with various suboptimum spatial equalizers followed by a bank of temporal decoders. Among the suboptimum spatial equalizers, under the proposed framework, we cover both 1) linear spatial equalizers such as linear MMSE spatial equalizer, linear zero-forcing spatial equalizer, and matched-filter equalizer, and 2) nonlinear spatial equalizers such as individually optimal spatial equalizer and marginal optimal spatial equalizer. Closed-form solutions are derived for all the possible combinations of 1) various transmit-side arbitrary input distributions and 2) the receive-side decoding schemes listed above. Important physical meanings revealed though the closed-form solutions to those more practical combinations, as how the input-output mutual information is affected by the transmit-side and the receive-side channel spatial correlations, are highlighted along our derivation.