Random thoughts:
Okay, rolled a party and played through the first dungeon tonight. You create a party of 6 and I'd suggest giving everyone some type of missile weapon. Spells will fail a lot and you'll also miss quite a bit with all weapons, but the enemies suck at first too, so it evens out.
I went with a dwarf, warrior, Leaf Elf, Ice Elf, Witch and Magician. The graphics are about the same as Two Worlds I, or slightly worse. Magician killed more baddies than anyone else, with fulminictus, I think. Ice elf sucks with bows, but is decent with thrown.
The first town is huge, but there really isn't anything to differentiate one store, inn, tavern, temple from the other. No random barrel smashing and the whole game takes a minimalist approach to treasure. You might find 100 gold or less in the whole first dungeon unless you want to lug a lot of weight around to sell the junk.
Had fun with it tonight, but the game did lock up 2 or 3 times, so save frequently.
@joxer: no respawns in the first dungeon at least.