It's definitely fun, my only complaint at this point would be the lack of randomness. With Majesty 1, you could restart a scenario and get a new random map (although with creation rules). With 2, after restarting a particular scenario a few times, everything was in identical positions.
Ok, I guess I have a second complaint - the resurrection system. It's both too easy/cheap (don't have to build a temple to get it, and the cost is a factor of unit type + level), and also very frustrating. When a hero dies, it creates a graveyard, where you can go resurrect the hero. But the graveyard also spawns undead. If you're just starting out, and one of your first heroes stupidly dies, that can mean a huge deficit to overcome as your area gets overrun with undead.
Still, I'm having a lot of fun with the game, and both of those are rather minor issues at this point. Definitely going to recommend this to anyone who liked Majesty 1 (they even kept a lot of the voices!).