I have spent a few thousand hours with the first game, so this is somewhat of a veteran's and long time fan's impression on the game.
Overall TQ2 has a good first impression on me, but has a lot of room for improvements. In its current state (even with additional masteries), I don't think it can keep up with TQ1, but I see the possibility of it becoming as good or even better.
Graphics
The graphics are fine overall and I think I won't have a big issue with it if it stays like that. However, one thing that stands out to me in comparison to TQ1 is that the colors are less vibrant. So the one concern I have in regards to this is that many areas will feel the same. I liked the colorful style of the first game a lot.
Soundtrack
While I think the soundtrack fits well, the main theme lacks some recognizability and power behind it. More importantly though, the in-game music needs some more variation in my opinion, since this is what you will hear most of the time while playing the game.