Much better than the first
This movie was obviously geared towards people who love DnD and it really shows. There are many homages to the pen and paper game, and it feels as though the movie itself is a session of DnD. If you play DnD I highly recommend this movie, otherwise not really.
That being said, it is superior to the first movie in almost every way. The movie is more focused on the story than the characters, which is good since the characters are fairly one dimensional but fulfill their niche well. There are big plot holes in the story... but it's still a dramatic improvement.
I have a question: what class was the main character (the lord)? Maybe a fighter who got a few levels of aristocrat. But he wore light armor, maybe a swashbuckler?
Also the rogue was awesome, best character in the whole movie.