--Not enough new units types.
--Enemy Hero units are over powered.
--Story is too dry and hard to follow.
A REALLY good, in depth game. An awesome mix of "Warcraft"-esque troop-controlling strategy, "Dynasty Warriors"-esque action and "Final Fantasy"-esque unit-leveling!!! All combine for a totally kicking-fun game, in which you can, for example, tell your archers to attack an infantry unit, send in a fleet of dragons to burn down your enemy's catapults, have a cavalry group charge at some archers, and attack another infantry unit with your Hero's unit (in which case it swtiches to action mode and you get to slice 'n dice enemy soldiers by controlling your main character!) You can use melee units (swords, axes, etc.), magic blasts, archers, catapults, groups of orcs, cavalry, sappers (to set traps), mortar launchers, giant scorpions, 50-foot-tall monsters who fire a volley of blasts, spearmen (anti-cavalry), knights, paladins, etc. You can even use fire, ice, earth and lightning elementals who are new to this game! The combinations for your army are endless depending on what you prefer. Its just a really fun game.
Also, there are now 7 different characters (Heroes) to play as compared to only 4 in the last game, which helps to tell the story from every possible angle!
It also has a skirmish mode where you can set up custom battles, including what character you want to use, what units you want to bring along and what enemies you fight. Its entertaining and fun to try out different combinations to see what is best to use in the campaigns.
Sadly though there are only a couple new units since the last game ("The Crusaders"), that being the elementals (Flame Wraiths, Ice Maidens, Earth Golems and Thunder Rhinos). And sadly the elementals seem to basically suck (even in groups) unless you beef up their skills immensely. I've had the best luck with the Earth elementals as far as not dying quickly but they dont attack as often as other ones which is sad.
Another dissapointment is that the special characters units (such as Gerald when you are playing as Leinhart) are ridiculously over powered even if the game wants you to kill them, it takes forever and you lose a ton of health even if you gang up on them.
Finally I think that the story is really boring and slow as compared to the other game. It is apparently harder to span the whole story between 7 characters and that is understandable.