I really liked the first Majesty and played it for dozens of hours (back before I had steam... now I have Majesty Gold and Majesty Gold HD for some reason). This is a very competent sequel to a great game. It iterated on a couple things and changed a few things that were already established but all in all it was a pretty good game.
-Great fantasy sim type game. I don't know of many games like it where you recruit heroes but don't control them.
-The added party system is my favorite thing by far to come from the sequel.
-The graphical update to the series was well done.
-The difficulty can easily spike and you can't recover from lost heroes. You will have to restart the mission and it can be frustrating.
-I don't like what they did with temples; you can only build them on certain holy sites. I prefered Majesty where you could build them where ever but building one temple would lock out other temples.
I would certainly recommend this game. Especially for people who were fans of the original. I certainly was and I like the sequel a lot. I would also recommend picking up the orignal.