This one is not kiddy fun anymore. There are some genuine challanges. Also starts slow, similar to Zelda 1, so do what you can, go where you don't die at that part.
Magic now goes only to lvl 33, and has its own currency, which is both good and bad. Oh, healing is king now.
The equipment-upgrades... If you only care for the story sure, otherwise maybe spend a couple hundred at the start, but when you reach the midgame you'll find some legendary stuff so you won't need upping, and the super-cool equipment comes at very low level, so you will spend a hefty chunk from the seemingly generous amount you can hoard. Sidenote: most dungeon now don't have level-suggestion on them!
Sometimes you'll be forced to use rarely-needed mechanic what can be annoying (definitely when I had to equip a wand), and against eg. Cathulu you'll die 20+ times just to learn the patterns. Also: ALWAYS speak with questors one more time after you finished a quest, they many times have more to say! And watch out for blue stones: you have to whack them.
The game is not easy - especialy if you are a completionist, just check out the the Tavern Tale Challanges -, but chiselled. Don't fall for it, magic and ranged attacks are two separate things!
All in all this one is good, but think twice if you expect harmless fun as Cat Quest 1!