I must admit, I was impressed on several levels with this sequel. As far as the flaws, I can see some of the bad cgi, some cheesy acting, low budget effect, etc.
BUT This movie was more sincere in its efforts than the first. As a former player of the game, I saw that it held true to many of the game values, and I could relate to the characters and story.
The cast did a good job, and it was more of an ensemble performance. Like the first film, I was impressed with their exotic use of Lithuanian film locales.
If you've never played the game, you probably won't see it as more than "typical cheesy fantasy". For players, it will be a pretty cool experience, and not just a bit o fluff (One character gets killed by a Frost Dragon, another gets her arm teleported into a wall) I have a mixed feeling about the end, since the Hero doesn't "Get midievel" on Damodar, but I like that refreshing break from the clichéd final face offs that Hollywood demands to insert into every movie. Our hero is not a wisecracking killing machine. He's strong but just as vulnerable and not just out for revenge.
Bruce Payne is an interesting choice to bring in from the first movie, and he handles the role of evil Damodar well, despite having no real motivation outside pure revenge.
The chemistry between party members is above average, and they're smart characters, not the typical dumb pretty people. A decent film overall