If you like the first Valkyrie Profile you got to give Silmeria a shot!
Valkyrie Profile 2 is basically a prequel at first but as you progress through the story you find out where the game might qualify as a sequel. However, this game is still friendly enough that you wouldn't be lost if you didn't play the first Valkyrie Profile.
Overall story of the first one was more involved with the Einherjars and the main character. Plus, there was three different ending thats could be obtained. However, the story of the second game was still strong enough to carry through the very end which many modern RPGs fall short of doing. However, I still think the ending for both games kind of suck. Na.. scratch that, the endings DO suck. Makes you want to bash yourself in the head. The endings of both games is probably the only con in the whole series that ticks me off.( If you are looking for game that has a great conclusion look at Shadow Heart and Shadow Heart Covenant.)
The battle system in the Silmeria is more complex than the first game. Instead of going into a 2D battlefield when a battle starts you are in a 3D field. It's almost real time except when you stop moving the enemy stops move all together. So you can seriously just get up go outside for a few hours and come back and nothing has happened. However, I did find myself level grinding quite a bit but nothing to drastic.
The voice acting of Silmeria kicks the **** out of the first game. Lizard actually sounds like a bad ass mage not a washed up nerd.
I thought the graphics were pretty nice but if you are a graphics hog this game is not for you. The environment of the game reminds me of when I played Shadow of the Colossus or watched Lord of the Rings. Some parts of the game you are like wow the background looks so intense. Value.... well for me I have to own this game cause I totally got sucked into the first game. But at the time of me writing this review Valkyrie Profile 2 is still out on the shelves new and it's almost been a year. I don't think there is going to be too much of a shortage in the after market like the PS1 and PSP version.