The expansion on the other hand is really a whole separate game. There's much more of a story in that and it's not total generic cliche either. It's maybe not Bioware level but I thought it was good, much better than the base game story with the trade off that it's more linear and there's not a lot of sandbox wandering. It's also short which makes it a decent choice if you want to play a story RPG but don't want to commit to 100+ hours.
By the way, you can play Pirates of the Flying Fortress without ever playing the base game.
Also, I think Two Worlds II does a few things well where other games don't. It looks relatively decent and doesn't run like ass even on older machines, it has controller support where some others kept refusing to add it (looking at you Bioware), and for me it has one of the best inventory management systems of any RPG I've ever played. You're able to break down weapons and armor you won't be using into parts without having to go back to town and then use them to upgrade your existing weapons and armor.
It's really nice to finally play an RPG where you don't run back to town every 5 minutes or feel like running out of space in your inventory is always an issue (looking at you again Bioware).
I'm by no means saying they it is Best RPG EVAR, but I think for what it is Two Worlds 2 does a decent job at both sandbox (base) and story (expansion) RPG, especially at bundle pricing.
I actually bought and played Two Worlds II and PotFF before they were in bundles and enjoyed them for what they were. There's very few bundle games I can say that about.
It's certainly better than Two Worlds 1. Though, don't expect the voice-acting, story development + character development to be anywhere in the leagues of anything from BioWare or Obsidian.
More so than anything - 2W2's addictive crafting system is what will keep you playing. Breaking, assembling, and combining your equipment to make more + better equipment is just insanely addictive.
I'm going to disagree with both of you about the item enhancement system in TW2. Unlike many aspects of the sequel, this was a step down from the original game. TW2's system may have been comparable to other games in terms of complexity, but that's what I disliked about it. In TW1, to enhance your weapons or armor, all you had to do was find another one similar to it and put it on top of the other one--presto, change-o, you have a new and improved item! In making the sequel, they could easily have just layered a gem socket mechanic on top of that and it would have been fine. Instead they cluttered everything up with six (hell, I think it was six, I don't even remember now) separate crafting skills, dozens of components like wood, fabric, cloth, steel, iron, essence of death, et cetera, and three different kinds of gems. The worst part is that the game does a very poor job of explaining how any of it works. Armor pieces can only socket certain types of gems and the same goes for weapons but which ones? Well, you have to experiment to find out. Maybe you haven't levelled that piece of equipment enough to unlock that socket-type. Or maybe it just doesn't have one of those sockets at all.
Look, if you like futzing around with this kind of crap in MMOs and Diablo, you'll love it here. To me, it's just a nuisance. Two or three times I found myself swapping out a weapon or armor set for something that proved to be substantially worse and once you've invested all of those raw materials in something, you can't ever recover them because even if you dumped 60 pieces of wood into upgrading that bow, you'll only get two or three back when you break it down.
As far as the games themselves go, motoki and the toaster are right and so is Mooby. They're not great and they'd never be GOTY candidates at even the most European of magazines or websites, but they're fun. I enjoyed the first one in part because it was so goofy and buggy. Everyone in that game spoke in a kind of faux-middle-English laden with "thee"s and "thou"s and "forsooth"s. The plot was fairly straightforward: a wizard kidnapped your twin sister so he could force you to find a whatzit for him that would give him ABSOLUTE POWER! Once you got the hang of it, combat was pretty fun. The second game was much bigger and much less likely to CTD. The story got a bit convoluted in that one and it was more or less divided into three chapters. The first part has you running around as a ten-pound weakling, getting the lay of the land in some small settlements and solving problems for the locals. You build your character up until you're effectively a serious badass in this area and then you shift scenes to the second chapter where things get challenging again. Unfortunately, this is the way things go for the rest of the game. You spend a certain amount of time exploring a university and the surrounding arcane wasteland before being teleported to the third area of the game where you have to defeat a witch (or so it seems) in order to secure your escape. Then it's back to the final confrontation. There's a weird twist at the end that the game telegraphs well in advance.
As motoki said, Pirates is essentially standalone. You load the game from a separate menu and you can either import a TW2 character or create a new one that will be levelled to close to where it should be (I believe around the mid- to upper 30s). This is a tale about a notorious pirate seeking to win back his love and also an enigmatic treasure that isn't what anyone thinks it is. It adds about 20-30 hours to the original game, IIRC.