Godfather 2 is a very fun game that could have been a truly great game with some much needed polish.
Gameplay- The gameplay in itself has not changed a lot from GF1. In GF2 though, you are a Don, whih adds a large level of strategic involvement to the game. You can now reruit, upgrade you squad, send them to take over buildings, and have a crew with you at all times. The AI of your crew can be very spotty at times though.
The game is split up into 3 cities, New York Miami and the Capitol of Cuba. These cities don't seem to feel alive like in Saint's Row 2 or GTA IV. They seems to be your own personal playground, but they serve their purpose.
You can now extort buildings in hopes of getting crime rings which vary from armored cars, body armor, incendiary rounds etc. But in all honesty, the game is really easy, so these make the game even more easy.
Graphics/Audio- The graphics are not good at all. Some of the cutscenes have their moments, but the graphics look very much like the game was made for the original Xbox. The audio is decent. The main voice actors do a good job, but many sound effects were carried over from GF1. They do their job
Fun/Value- As I said, this game is low on polish, but it still is very fun. It'll last you 20 hours or so, and another playthrough is probably warranted.
Godfather 2 is a very fun game, but with a few more months to polish it up and remove some AI glitches and fine tune the game, it would have been much better.