I'm coming from Majesty 1.
Basically, to me, it's same game with a little bit advanced graphics.
New flag mechanics are satisfying (ie defend flag).
In Majesty 2 you overall have more controll on your units which is a good thing... but a bad thing.
You see, whole thing about majesty 1 was that you are a King. So you have wishes and a bunch of gold to make wishes come true and there are people who can help you to do that. If they want to. In Majesty 2 you cannot feel that atmosphere of being a king. It's more like an ordinary RTS game.
Besides, despite advanced graphics, I like original Majesty art better. I mean buildings, characters etc. They were more authentic than in Majesty 2. Here we have some genereic medieval buldings and not a Rogue's guild or Temple of Krypta.
When I'm playing the original Majesty, I always imagine myself as Vetinari, the patrician of Ankh-Morpork. Obviously the city, which I am building is Ankh-Morpork. Dunno, I always imagined Ankh-Morpork just like that.
I would like to have sequel, which have art and AI of original Majesty. Not a generic gimped RTS.
Nevertheless, if we look at this as a separate game and not a sequel, then it's pretty nice.
Conclusion is: if you want some new experience in strategy games definitely get this. If you're an old-school fan of Majesty, then I don't think that you will like this, because it's lacks the atmosphere of original game. It's better for you to view this as a stand-alone game.