From what I've read I am about half way through the game so far. Here are my impressions at the moment.
Like many of the reviews have said, the game takes a while to build momentum and become really interesting. If you played and enjoyed the first Lords of Shadow then you will at least have a mild interest going in, but it has been getting better and better in terms of the story.
The gameplay and combat is significantly improved over the first, with one major, I mean MAJOR exception, but that in a sec. The combat just feels more smooth, fluid and dynamic compared to the first game, and so far the bosses have been the best part (just like the first).
Now on to my biggest gripe so far, the stealth portions. These things seriously derail any fun you might have been having in the game, especially the stealth part I had the extreme displeasure of doing. You have to hide from Minotaur looking monster, and it is by far the most annoying thing I've had to do so far. It seems like no matter what you do he finds you. It took me FOREVER to get past this part. The other stealth portions, while boring, did not infuriate me the way this mission did! Given that these stealth portions are only about 10% of the game I can deal with them, but good god, this game would have been way better without them :/
Will give another update soon.