Honestly, the only reason I keep buying the Xenosaga is because I'm a hardcore fan of the PSone's Xenogears.
Xenosaga II is along the same lines. The gaphics were done beautifully (although I wasn't particularly fond of the slight character style change) and the FMV's are absolutely amazing to watch.
The story focuses in on the characters of MOMO and Jr. (Xenosaga I focused on KOS-MOS and Shion). I'm a big fan of character development, but this is ridiculous. I have no idea what the company has in store for the storyline leading into Xenogears (the fifth and most likely last part of the line), but this episode seems to have nothing to do with it. I'd almost call it filler.
As with Xenosaga I there's a lack of memorable music playing in the background. I don't believe there'll be any soundtracks anytime soon.
All-in-all, the game was mediocre at best. I will continue playing the series to see the explanations for Xenogears, but that's about it.