Beta weekend is over, even though it's barely Sunday in the US. Dat Japan time.
Well, I'm not sure what to say that can adequately express how I feel about this. If you had told me nearly 3 years ago now that Squenix would completely turn FFXIV around, I would have laughed and said you were crazy.
Well, it's 3 years later, and Squenix has completely turned FFXIV around. There are still some quirks in the UI such as the map system and the need to click 3 times to hand a quest NPC an item to complete a quest, but mostly the game has been completely remade from top to bottom. It literally is a new game. The general shape of the 3 main cities remains the same, but everything else is completely new and surprisingly good. This game really is FFXIV-2.
There's plot literally everywhere now, something which was so blatantly absent in the original game. This is because there are quests literally everywhere now, as FFXIV has been largely remade from the original pointless grindfest into a pretty classic themepark MMO. You move from quest hub to quest hub and do quests. Fortunately a decent amount of effort has been put into giving quests some variety, this is no Tera where every quest hub had kill 10 of x, gather 10 of y, repeat until you're level capped. The quests you do are pretty fun for the most part, and the number of mobs you need to kill is generally limited to 3-5 which is nice.
The story of FFXIV-2 connects to the ending events of the original game but the story cutscenes I watched from level 1 to 17 pretty much summarize it fairly well. Not that much actually happens in original FFXIV up until the return of Bahamut and it gets covered quickly. Players of the original game will recognize a number of the important story NPCs who return in this game and continue to aid you at opportune moments. Oh, and there's a particular cutscene I watched when you get your Airship Pass which gave me a bunch of FFXII vibes all over the place. It seems story elements are lifted unashamedly from previous FF titles but especially from FFVI (magitek) and FFXII. Both of these games had great storylines so I'm hoping they take the story of FFXIV-2 seriously. Also, I want to wear Magitek armor. Make it happen, Squenix!
A great number of assets seem reused from the original game, but the zones are all new and are now smaller but completely hand-made, unlike the massive empty copy-pasta zones of the original game. The new engine for this game looks good, draw distance is basically unlimited and it runs basically locked at 60 fps on my machine, though AA is confirmed to be not working yet. The graphics are very good though for a game which is still intended to run on the PS3, some of the texture resolution isn't there when zoomed in close-up but when you're just running through the world fighting things, it looks just great. 
The lighting and shadowing system has been completely revamped and is now mostly free of the weirdness seen in the old engine, and skills and spells now generate massive amounts of sparkles everywhere whenever you do just about anything. In terms of sheer environment variety and size, Tera still is the king and queen of sheer MMO eye candy, but that game didn't have to run on PS3 and it frequently has awful framerates whereas this game runs perfectly smoothly.
I want to say a few words about the combat. FFXIV-2 is, for lack of a better description, a skillspam mashfest tab-target ice-skating combat MMO. Combat is reasonably fast-paced but all you do is mash a button every 2.5 seconds to spam a skill, as for some reason auto-attack is on an ungodly slow timer and waiting for your auto-attack between skills actually slows down how fast you kill stuff. The MMO "weaving" technique seen in many auto-attack combat MMOs is pointless here, just mash skill buttons until it's dead and forget your auto-attack.
There is an element of tactics involved with larger mobs and bosses, mostly relating to charging of AoE attacks, but unlike for example Tera in this game when the mob charges it's AoE a huge-ass red circle appears around it to show you the range of the attack and a bar appears above it's large HP bar to show the charging. There is no animation lock anymore either, you can just ice skate through your attack animation to move out of the AoE red circle freely. If you can still manage to still get hit by AoEs in this game after all this, then I'm not sure what to tell you, they've dumbed it down as much as humanly possible without just removing AoE attacks completely.
The game's sound engine is quite noteworthy for two reasons. First, the music is absolutely fantastic. The original FFXIV had a few decent tunes but this game pretty much has epic scale soundtrack everywhere you go. The game now has a day and night track for each area too, which is a really nice touch. Second, the sound effects are absolutely thunderous, this game has a monstrous default dynamic range and when you're in a huge story fight the music kicks in and everything is loud, full of bass, and really gives you a cinematic feeling like you're in the middle of an action scene. 
The game client still has a few bugs to iron out. I had some problems with running it in Fullscreen where it would suddenly decide to wig out and minimize itself and the sound would cut out and not work again until I quit and restarted the client. Running in the long-awated Borderless Windowed mode that was so sorely unavailable in original FFXIV sorted that out for me. Besides that I noticed a few places where I could get myself stuck in the level geometry, giving us the Jump ability we've waited for so long has also allowed us to get stuck on the level and need to Return to escape. Oh well, being able to Jump is a wonderful thing and I'll gladly accept it even with the possible problems it may cause.
Well, I've already written a post so long that hardly anyone will read it, so here's TL;DR:
This is the game which should have launched 3 years ago. The end.