Definitely worth a look, but not as fun as an action or RPG fan would want. It's okay, in every sense of the word.
Sounds like your average third person hack-n-slasher, save for the dragons, and that's basically all it is... plus a dragon.
The first Drakengard was somewhat of a gem, doing something that had never been done before: giving the player the ability to go from on-foot melee battle to flying in the skies over seas of enemies with the single press of a button. This motion was done seamlessly, and it led to thousands and thousands of kills. But the amount of flaws far outweighed the scope.
Drakengard managed to do some other things differently too. It brought an incredibly strange story that twists about (with around 5 or so endings) with interesting character driven plot. It brought a massive collection of weapons that could all be leveled up individually along with your character and your dragon. It brought a dragon.
Devoloped by the same company that brought you the Kingdom Hearts series and more notably, the Final Fantasy series, you'd expect an immersive world with riveting characters and a story that isn't confined by conventional barriers. All you really get is a strange story, and even that isn't pulled off very well.
Aside from a new story, new characters, and mostly new weapons, Drakengard 2 changed almost nothing from the original; although I feel that most of the changes were detrimental to it. No longer can you pause the game and move the camera around your character a la Super Smash Bros. No longer are there different weapon models for each level they're at (BUT, in the original, weapons leveled up by number of kills, not experience earned, the latter of which is a smarter decision). They added the ability to move while blocking, which makes things a bit easier.
The story itself tells of a young man of unknown origin, Nowe. Found and raised into boyhood by his dragon 'father' Legna, he eventually gets taken in by a wise and noble knight named General Oror who teaches him the ways of man. General Oror oversees 'The Knights', an ominous and noble collection of men sworn to protect. Nowe later becomes a Knight.
Eventually, General Oror is killed, and a more treacherous man takes control of the Knights. After a level or two of training, you start the game by dueling with this man. The story then goes on with territories and people needing to be saved, traitors, and all-around side switching. There are also some other playable characters that come and go (but they're mostly gone). The developers obviously try to keep you on your toes, but it's just not that interesting.
You can run around freely within each level, killing all who oppose you and your agenda. In most levels, at any time, you can hit the SELECT button and instantly jump onto the back of your dragon, and flame up those baddies. Some levels are exclusively (less fun) aerial, where you fly around and shoot at very strange and non-interesting enemies until you kill everything in sight or just fly to an area to move on to the next ground mission.
The combat in the game is incredibly simple. You can do a normal attack/slash with the square button, and a vertical slash with the triangle button. Jumping and hitting triangle does a downward thrust, and each weapon (there seem to be around fifty or so) has a magic attack that you can perform with the circle button. You can upgrade each weapon up to a level four, and the magic attack becomes stronger while occasionally making the melee stronger as well. There are combos inherent to each different weapon type, and a maximum of four per weapon. Most weapons have the same combos as the others in its class, and none of which are particularly useful or cool. Your main combo, which is just hitting the square button over and over, seems to be just about the fastest and simplest.
You have a 'wheel' of 8 weapons that you can choose at the start of each level. You can bring up this wheel by pressing the R2 button, and quickly choose one of these weapons (which may change your character, depending on if you grab an axe, staff, spear, or sword) or use an item.
The enemies really aren't very wowing either. There seem to be a few different types, but they just get recycled with different skins throughout the game. Basically, they changed the colors, and add a couple attacks here and there. Killing them nets you experience, which level-up-addicts are sure to love.
The graphics are really one of the worst aspects of the game. The textures are blurry and non-compelling, character models are generally simple (and there are very few), the blood appears on the ground and quickly fades, the draw distance is immensely underwhelming (you can't see more than twenty feet from you, honestly) environments are very simple and non-dynamic (and they use the same ones for multiple missions, simply 'unlocking' another area). Corners were obviously cut in this game. The effects are not too shabby, adding dynamic lighting from the flares of color from the weapons, sparks coming from the walls that you slash look pretty good, and the blood squirting from shellacking the baddies is a nice touch too. Sadly, the frame rate bogs down when you get too many people being attacked or too much action on screen. Overall, the graphics have not improved from the original at all, and do nothing near what the PS2 is capable of.
This game sounds like nothing special either. You'll hear the same slashing sounds from your weapons hitting flesh, and the music is highly repetitive as well. While the sounds are pretty good themselves, they are just played far too often. Every slash gets you one of the same moans and groans, and you slash a LOT in this game. The music itself is well composed, but you tend to hear the same requiems over and over. There is also a little bit of echo from small spaces in caverns or doorways, but the sound really isn't that great at all.
Overall, its fun is bogged down by its flaws. It's too repetitive, its graphics are outdated, and it's just so damn weak. But if you're a fan of killing countless enemies and skipping story scenes, all while leveling up your characters, weapons, and dragon (and flying a dragon! :), you're sure to have a good time with this title.