Overall I love it, but there is still the issue of the memory leak which caused me to stop playing the first game.
As for what I love about the game so far:
1. I love the new talent system.
2. Magic seems to be much more fleshed out.
3. And random city improvements are nice.
Whats lacking:
1. I feel that the Dynasty system should be put back in.
2. Could we have some espionage in the game? Look at the total war series they did this perfect. Perhaps making two new talents on for spying and one for espionage that a hero can select. As an Assassin they can target and assassinate enemy heroes and leaders. As a spy they can sneak into a town and give you more information about this. As well as sabotaging and destroying certain buildings or opening up the city gates to nulify the fortification bonus's, and perhaps stealing spells and supplies also.
3. Item enchanting. Sure we have a basic form of it, but it would be nice to be able to make custom items.