I've played a few hours now. I bought Two Worlds (the original one) from GoG and played it for an hour before alt-f4 and never playing it again. However this game is much better.
Pretty linear and boring in the start but it opens up later with optional quests and off-the-road exploration. A little too easy, but I did die once by running into high level Orcs - but that's a good thing. No level scaling afaik?
I'm playing my character as a spellcaster and I like the create-your-own-spells system. My Hitler Bolt (yes, you can name your spells) is mighty powerful, but not against mobs with high frost resistance.
Combat is pretty fun. For the best experience you might want to go a dual build with something ranged (bow/magic) and melee. But I read somewhere that there's no skill cap and that you could eventually max all abilities? So I dunno.
The game looks good. Nice colors and atmosphere. However the bloom can be fucking disgusting at times and I don't know how to turn it off. Overall a smooth experienced with a well-optimized engine and animations slightly better than Morrowind.
Music is pleasant. Nothing extraordinary but I think it's better than the average fantasy music.
Story is shit and quests are the standard fare. Dialog is shit but better than the first one. Voice acting is shit but charming in that cheap budget way.
Probably the second best RPG of the year but it's not like there has been a tough competition.
Recommended. At least for people who like shit like Gothic etc.
EDIT: OH and lots and lots of tits. Seriously the first thing you'll see, the first shot of the first cutscene, guess what... boooooooooobs!