Huge improvement on the first game. Better combat, better weapons, better parry system, better variety all around. The movesets and the finishers for weapons have also had a massive upgrade. If you have Game Pass and have not played the first game, do that because the story for part 2 is a continuation and the lore will make more sense to you.
As far as negatives for the game. The levels are a Labyrinthian nightmare, but if you have a good sense of direction and can identify small landmarks to navigate then that is no issue. There is no active co op play but there is a banner, graffiti and revenge system so you know there are other people dying along with you. Maybe in the future we will be able to fight along with friends and strangers. I missed hearing "that medbay song," but most veterans will enjoy the silence.
If you liked the first game or got a Redbox handy, definitely try this one. If you want to wait, the game will probably be on sale in a month or two. Deck 13 and Microsoft seem to be buddy buddy lately, so there's a great chance this will be a Game Pass offering in a year or two.