It's a shorter story, but the game is vastly different depending on a choice in act 1, so I would recommend a second playthrough. The story is very good, it's better than the first one in my opinion.
Alchemy is not as good as in the first one, there aren't as many side quests, less dialog. However, the quality of the voice acting and side quests are overall better than in the first one.
For that price it's at right now it is a must buy if you like RPGs with greeeat stories.
I just realized I have The Witcher amulet as my picture, I must seem very credible...