I've got like 4 hours on this game so far and it is pretty much what I expected. I am a HUGE fan of the original VC. It is probably my favorite PS3 game still (right next to Demon's Souls).
I really enjoyed the story and characters in VC. The way some scenes were handled with the Sakimoto tunes playing in the background made the game feel epic and classic. There were betrayals, relationships, character deaths, political intrigue, all the right elements that make SRPGs so great.
VCII, on the other hand, has been total post-Persona 3 sold well syndrome. I really don't get the appeal of games that are set around high schools with teenagers. Not to say Persona 3/4 and VCII are bad games or anything, because the games themselves are a lot of fun to play and are really well structured. It's extremely hard to care about these characters so far. While I am not too far, the whole game has basically been, "whoa, I am like late to class or whatever" and "oh, another training mission, that's lame dude".
That's not to say there aren't things I like about the game. The soundtrack so far is AMAZING! For some reason I expected Sakimoto to phone in a soundtrack and reuse like 75% of the original OST, but the majority of the tracks I have heard are original and they are very, very good. I also LOVE the new class system. Having two sub classes per class makes for a ton more options in battle and the school's map structure is laid out nicely and the menus look great.
I also like how they removed universal healing and made it an engineer function. The multiple maps per battle is also an interesting addition. The gameplay changes are great and the actual battles are just as fun as the original. I really hope the game enters awesome territory by the end of the game because right now I find myself pretty unmotivated to launch my PSP, especially after coming off of Ys 7, which blew me out my window as soon as I turned it on.