TLDR at bottom, but this game is great, please play it.
The combat for the first Black Souls game is easily the best RPGM combat I've ever played and even is straight up great, even for non H-game standards. This game's combat is better in essentially every facet and is a true expansion on the ideas from the original. While you can definitely make the yourself OP if you know what you're doing, it's rather difficult on a first playthrough and there are still bosses that stats don't really matter on and will still require a strategy.
While the combat is great, story and H-scenes are honestly the meat of this game (in my humble opinion) and they both deliver fantastically. The story, while confusing, has an actual, well-defined plot you can follow along with and just so much lore. Learning and piecing together the underlying happenings going on and seeing hidden sides of characters is phenomenal. There is also a great deal of reference to the Cuthulu mythos and various fairy tales (primarily those of the Brothers Grimm) that when you dig into give a new appreciation for the game and how it uses/references them.
H-scenes are pretty darn good. They aren't the pinnacle of porn writing or anything, but they're solid. The characters are likeable and you feel attachment to them, enhancing the these scenes a great deal. The two biggest positives about them are that they're a decent length (not too long or short) and there is a very good variety in both characters and types of scenes.
The only slightly negative thing I could say about it comes down to pure personal preference though I feel I should mention it anyway. In the original Black Souls, you slowly built up a group that you fought and shared you home base with, making you really care about those character. You had to go out of your way to get most of them, and all party members except one were technically optional, so when you did actually add a party member you felt a lot closer. That personal connection was my favorite part of Black Souls I, but it's missing in this game. This isn't necessarily a negative, as a big theme of this game is in how isolated and alone you feel. You're supposed to feel like the very world doesn't welcome you and find said world uncomfortable as well, with the Pledges/H-scenes being short reprieves from this isolation. The game does this extremely well, and again, that's the whole point, but it's definitely harder to be emotionally connected with the characters due to that.
TLDR: Fantastic game, improves upon everything Black Souls I did except for maybe atmosphere, which mainly comes down to personal preference.