There were a lot of cinematics with Malak in the first game. They don't bother me at all.
But the story in this game is pretty lame compared to the first one. In KOTOR I, you're "bond" was with a hot babe with a British accent. I KOTOR 2, you're bonded a with ugly, annoying old hag. The first game had a compelling story with a surprise twist. The story in the second game is convoluted and uninspiring.
There are tons of cool new force powers, feats and fighting animations in the new game, but they are unfortunately dampered by the massive gameply slowdown.