Hey, if you are referring to the more recent Bof2 retranslation that has been posted on this site, I have played all the way through it. I even wrote a small review about it. It really helps the game a lot, in my opinion. Personally, if you enjoyed BoF2 and always felt that it could have been better, this will fix just about any issue.
Now, having said that, although I felt that the storyline for BoF2 was far better than the first game, I still prefer the first game over the second. And I think it is for the same reasons that you had listed. Also, I was always disappointed in what they did with the dragon transformations in the second game. They essentially acted as a "summon" spell instead of actually staying as a dragon throughout the duration of the battle. Of course, they fixed that in the third game.
Anyway, check out the re-translation. I think it's certainly worth the time.