Just finished this.
I enjoyed the game but overall it's worse than Risen 1. So many of the things I enjoyed about the first game has either been dumbed down or removed altogether.
The combat is bad and doesn't really get better further into the game, it just gets easier. The controls are also less responsive which makes the combat even worse. I actually liked the combat in the first game and it's a shame that they completely changed it. Enemies are also easier in general and there's a lot less enemies that will kick your ass.
The quests also feel like a step back compared to the first game and if there are multiple ways to complete a quest they just tell you your options upfront instead of letting you figure it out yourself.
One of my biggest disappointments about the game is the fact that they removed your ability to climb anywhere and the levitation spell, which makes the exploration far less interesting than in the first game.
All the interesting locations are tied to some quests and there's fewer interesting locations off the beaten path. On the plus side there's a lot more towns and NPCs which is great, even if none of the towns are as big as harbour town from the first game.
Despite all its faults I still enjoyed the game and had a lot of fun with it. The world design is still good even if it's not as good as in the first game. The graphics are really good aside from the horrible pop-in, short draw distance and annoying texture flickering. The pirate setting and art style was a definite improvement over the first game and there are more towns and NPCs than in the first game.