Great game, not as good as the first
The main difference with the two settings is that monsters can take about twice as many hits before they're killed and they dish out about twice as much damage. Even if you consider yourself a skilled player, the normal setting might prove to be too difficult to handle. Basic wandering monsters generally take about six to eight hits to kill, and some of the boss battles can go on for over an hour. This is made worse by the fact that there are some collision and control issues that make it tricky to avoid some of the boss attacks or to strike the boss without getting damaged yourself.
The control issues combined with the boss difficulty (it generally only takes about four hits by the boss to kill poor Flint -- it varies based on the boss and the current equipment and HP level of the character) really makes Normal too much of a pain in the ass to enjoy the game. That said, the Easy level seemed to be pretty fair and well-balanced on the whole. The bosses are still challenging, but not painfully so, and the issues with the control don't stand out as much because you are given a bit more leeway.