The first PoE was fine, if a bit too rooted in past glories. That was ok though since that was the pitch. I also felt the story tried a bit too hard. The sequel here is the proper evolution of Infinity Engine-games as far as I'm concerned. More advanced engine, better UI and just overall smoother mechanics bringing everything up to speed.
Less stereotypical world, going with a Caribbean fantasy, which doesn't actually mean pirates so much as native tribes and invading explorers and the like. Top notch atmosphere. I actually like a lot of the character writing more, since it seems less prone to prose and more natural, even though it does go overboard (huh, ok, I'll leave this pun in) into stupid here and there.
It is true that the main story is tiny and in the background, but personally I prefer it. Makes for far better replayability since you can make the adventure quite different each time when there are less obligatory bits. I finished the game with a lot unfinished and instantly felt that I will play this with another crew. Lots of interesting quests in there, and it's not like many of them aren't connected to the main event even if they're not directly part of it. For replayability's sake, I just miss more companions. at least twice as many.
The long sections of lore-heavy exposition were my least favourite part of the first PoE. Often it's more exciting to not know exactly everything about everything. The sequel thankfully cuts back a lot on that. I do, however, love the more numerous PnP-esque page flipping when it comes to world interactions. Nice change of pace, and the sparse sound effects really make actions in these sections stand out and feel exciting. Fits the whole exploration into the unknown so well, and that is what this game is really about.
Great, great sequel that is not just more of the same.