Awesome but not as awesome
It's the humor aspect of Mana Khemia 2 (which was most of the charm of the first one) that is the let down. To say I was in tears I laughed so hard would not be that far of an over-statement dealing with the first Mana Khemia. Flay and Muppy were so funny I couldn't wait until Free Time so I could play their stories like I was watching my favorite show. And all the other characters were interesting if not funny. And the twist ending of the first one was a kicker that really showed the subtelty and brilliance of the story telling. I'd categorize Mana Khemia 2 as "light hearted", more than funny.
I think this one falls short of the expectation that the first one set. The characters aren't as interesting or even cool, but the story is still good as well as the two character threads you can play through that was added. I still think this a good rpg on it's own and can be enjoyed by anyone, but I almost wish I played this one before I played the first one.