Not quite as good as Jedi Outcast, but not bad.
One of the more drastic changes is the force power upgrade system. In Outcast you're powers will gradually upgrade throughout the game. In this game you get one force point after you beat each level. You spend your point on a light or dark force power. Each power has three levels. Your Core powers, such as jump and push level up the same way as Outcast.
The story isn't very good this time around. It'll help to have played the previous game, but that's only so you'll know a couple returning characters. So it goes down like this: You're on your way to the jedi academy when you get attacked by an evil jedi. These jedi start appearing all around the galaxy and seem to be in the same group. So you're sent around the galaxy to investigate. Near the end you get a choice between good and evil. You still play the same following levels, but your enemies will be different, and there's an alternate ending.
If you're looking for an action game, that's pretty simple minded and has a better than average multiplayer section, Jedi Academy will be right at home for you.