I'm about two hours in in Two Worlds 2.
Melee combat is better than the dodge/clickfest of the first game, and is almost identical to Gothic 3 now. Enemies will actually bother to block now so that occasionally you have to use the block breaker skill. Sneak kills are pretty fun.
Enemy AI outdoors leaves a lot to be desired. If you shoot an enemy with an arrow, they will give chase for 5 seconds and then forget about you completely, letting you shoot them again and repeat til they are dead. I've dropped rhinoceroses this way, feels pretty cheap. This doesn't work indoors, though.
I also got my horse, but it's even more useless than in the first game. It can gallop for about 10 seconds and is then reduced to walking slower than the main character on foot. Lame.
For the rest... the UI is horrible, worse than vanilla Oblivion, lockpicking minigame is actually fun, voice-acting is pretty good. The game engine is also impressive, since my nearly 3-year old computer manages to max it out. The HDR/bloom is eye-blinding, though, and must be tweaked.
Storywise, the game immediately throws everything the main character accomplished in the first game through the window, but that's okay.