More of the same, with better puzzles and some new innovations
It's kind of hard to give a full review, because at the core, what you have in episode 2 is the continuation of episode 1. Since most characters are already established, there's less emphasis on them, and instead we focus on solving the mystery of the FF robots -- with a tangental stint in an insane asylum.
But the story is quite good, and everything fits together rather neatly. As for combat, it's largely unchanged, but I would say just a tad more challenging (on normal mode, that is). Some creative liberties are taken with the formula, such as the shuffling of support characters, as well as one boss fight that is... well, I can't ruin the awesomeness of it. Suffice to say that it turns out much easier than you may have expected.
The final boss was a disappointment. Without giving too much away, the more traditional means of combat are traded in for finding the right sequence of things to do in order to win. This sequence was utterly irritating, as I kept dying and continuing until I worked out the sequence. The idea of it was certainly very cool, but the execution rather tarnishes the sense of accomplishment you could have received from taking out that bad boy in the traditional manner.
All in all, though, it's very entertaining and just as funny and warped as ever. The price pretty much guarantees that you get a great deal out of Episode 2.