Being a long time fan of Majesty 1 and Gold, I really enjoyed Majesty 2 at the start, but slowly became dissapointed.
The AI is so much more enhanced and the humour is great, the environment is nicely built and the monsters are improved. Also, the interface is easier to use and in campaign mode you are allowed the ability of using relics which give periodic advantages and heroes can always be revived, regardless of whether you have a spell to do so or not.
On a lesser note, all the heroes look basically the same when running around as do their attacks and the buildings are all blue, thereís not the distinctive look of everything as with the original. Instead of pulling off a unique looking game, it just blends in with all the other strategy games.
Furthermore, when a hero dies, there is only sometimes a notification, and to revive a hero without a spell can cost you thousands of dollars (with a spell is hard enough when your hero list keeps bouncing around), which takes a while to build up (as heroes become higher in level, they cost more. Ex. One of my heroes cost $16,000 to revive...hated when she died). Also, the monsters can kill any of your buildings in only a few seconds and there is no notification, so if you're focusing on another part of the map, half your city could have been destroyed by one monster and you would have no idea. And heroes don't protect their homes or the palace as in Majesty 1, and they don't really hunt or explore either.
Heroes do however respond to flags much more quickly, which is the primal way of completing any mission, unfortunately when you place an attack flag somewhere, all your heroes go to it and none stay in your city to help fend off beasts. Also, in campaign mode, the 'boss'es have HPs of 50,000+ and can kill all your heroes/any structure in one hit, so you have to frustratingly replay the missions so many times until you can by chance kill the boss.
There is also a handy new interface button that lets you play from .2x to 5x faster than normal speed, although you end up playing the entire game at 5x because 1x ends up to be extremely slow.
Things that they left out in Majesty 2: fairgrounds, temples to Lunord, gambling halls and Elven lounges, royal gardens, less variety in monsters, less spells (you canít tell whether the spells that are given even work or not) and the worst part that they left out is that THERE ARE NO GNOMES! The highlight of Majesty 1!
Overall, I would recommend playing it only for interestís sake, but watch out, once you beat all the missions, it gets boring really fast.