Not as magical as the first one... still a great game!
The graphics are better in KH2. The world seems more detailed and colorful. You can see a lot of money went into this game as it looks awesome. It still capture the Disney feel and is true to the films.
The sound is once again, superb. Some of the actors that did the voice-overs in the movies are doing it in this game (James Woods for Hades in example). The sound effects and musical score all seem to be lifted from the Disney movies.
The gameplay is pretty much the same. You travel from World to World while trying to find your friends and help Donald and Goofy serve King Mickey. The camera has been improved and is less of pain in hectic combats. KH2 doesn't have the exploring depth of the first one. You'll never be lost in this game because of the auto-map. A lot of the levels are very linear as well. The plot is somewhat confusing even if you do remember what happened in the first one. The gummy ship makes another appearances but is only tap more exciting... at least you can skip them in the half portion of the game.
KH2 doesn't have the "WOW" factor of the first one, but it is an excellent sequel and squaresoft really did an amazing job. Hopefully the series will continue on the Next-Gen consoles!