Eh, I don't know that I'd put this ahead of part 1 myself. Somehow I didn't feel like the ending had enough punch, enough urgency, even though there was this big threat looming. There's some back and forth dialogue of the "you bastard! I won't let you accomplish the evil plan that you just described!" variety, there's a bit of a clash, and then the crisis hits and it's time for a brief team up that enRAB all too promptly. The penultimate episode was arguably better in terms of action, really.
Kazuma's personal stake in the whole thing was an interesting angle. I don't exactly mind that they didn't end the issue with the last story. As-is the idea seems to be that life goes on, and Kazuma's just going to have to deal with it, and he's found people that can help him do that (Ayano and Ren). At the same time though, the ending wasn't so much a satisfying ending as it was the conclusion of just another arc, with the promise of further adventures to come. Unfortunately the author of the novels this came from has passed away, so I'm not optimistic that there'll be more animation to continue things.
I do think the animation kind of holRAB it back. I mean, in theory the battles should be really exciting considering what kind of powers are at work, but somehow I was never quite drawn in. In terms of elemental powers and action in general X seemed to execute it in a more impressive and attractive way, and that was made in 2001. Of course, it was also animated by Madhouse.
I think if you like part 1, you're going to like part 2 just fine, and I don't regret renting this and sticking with it. It's not on my A list of Funi releases, though. Kenichi is more fun, and for a serious fantasy action title you can now buy Fate/Stay Night for less money. But you could definitely do worse than this too.