The story picks up right after the end of Arcania, you can import your save from there too. Feels like a cut content from Arcania. Didn't understand anything of the story, you don't really need any equipment aside from starting gear from previous game. Gold is useless, crafting is useless (crafted 1 helmet). Just 1 side quest. 4 hours play time and I did everything. Personally I was ok with it since I paid 1.99$ for it, but at full price it's a rip-off.
First time G3 player, after having played G1 and G2 and Risen 1, 2 and 3 so I decided to give G3 and FG and Arcania a go. Gothic 3 is pretty good for a Gothic game, and thanks to the Enhanced Edition and Community Patches it runs just fine. Didn't crash once so it's a good to go experience. The story isn't the best and melee combat is bad and archery is useless and graphics are bad, but the sheer amount of content made up for it. I liked it.