A die-hard Sacred 2 fan here, so I'd say go for it :-).
Seriously, though, for that money, it's really worth it. Indeed, Ascaron went belly up, and there's no DRM-removing patch, but the DRM scheme has been softened since release; now you get 4 activations, which are automatically replenished every 3 months. Also, I had to ask for new keys back in the day two times and the SecuROM support team was quite easy-going about it.
Also, Sacred 2 (without Ice and Blood expansion) is relatively bug-free by now; the cause for its "mediocrity" was that there were almost more bugs in the game than content.

Deep Silver acquired the rights tot he Sacred franchise and is rumored to be looking at doing a Sacred 3.

Also there is a revoke tool for Securom so you can revoke your activations.

I am considering it since I have really enjoyed Sacred. The price is right I just need to do some research on what DRM files are installed before I purchase. I tolerate bugs very well . . . =)
Looking at the Ascaron game list shows Sacred 2 as the last release.
Thanks, last I heard it was Kalypso that acquired the rights. A Sacred 3 would be great . . =)
As always my concern is not being able to install the game in the future. I actually just need one install . . . =)

I don't know the details of the DRM system, but Here's an excellent Sacred+Sacred 2 (mainly the latter) community; I'm sure if you register there and ask around about DRM specifics, someone in the know will be happy to answer you question(s).
(Also, if you make up you mind and get the game, you can always ask for help there; you can count on the general knowledge and helpfulness of the community (myself included ;-).)
EDIT
I've just seen this; a Deep Silver (or SecuROM, I don't remember) representative said once that IF it ever happens that there's no more DRM support for the game, it will have unlimited activations (you may install it with the same code whenever you want).

Thanks, I just came from the Sacred 2 forum. I can find out what flavor of DRM the game installs . . . lots of practice . . . =) . . . hate those null entries in the registry. Strange that nowadays I have to spend more time finding out what is installed by a game than making a decision to purchase . . . =)
Looking at Divinity 2 as well . . .
Edit:
Sacred 2 2.02 SecuROM 07.37.0014 Activation
Sacred 2 2.10 SecuROM 07.38.0009 German
Sacred 2 - Ice & Blood 2.64 SecuROM 7.40.0006 Activation

Sacred 2 was alright, but I found that it got old quickly because it was so incredibly easy. I pretty much killed everything but bosses in one or two hits and never took any damage (Sacred 1 got this way for me later in the game, but in Sacred 2 it's been that way since the beginning).
I never finished it. I didn't really feel like sleepwalking through silver difficulty in hopes that gold would be more fun. $7 is fair enough, though.

I forgot to ask, what OS do you have? I've heard S2 isn't very cooperative with Win7 64 bit, so if you have that, you may want to pass on it regardless of the quality of DRM.

I have W7 64 Bit and if you do compatibility mode on Sacred 2 it is working well. You need to make Windows XP or Windows Vista compability from the shortcut.

I have both Vista and XP. I am considering upgrading my Vista box to Win 7 64 Bit. Getting games to run is half the fun . . . =)
Due to another post I have fired up Oblivion again, DL'd the 1.33 OOO mod which should make it more interesting. Haven't played it in years, I will probably give Sacred 2 a pass for now but will keep it in mind. Thanks for all the input . . . =)

Sacred 2 has a much slower pace than Sacred 1. It makes the game feel like a MMO since you take quite some time to level up. It's worth a play once, but it's really missing a lot that makes a game something worth coming back to.
P.S. - In regards to Divinity 2, I've heard a LOT of complaints. Most of them are in regard to controls in a specific stage of the game.

Thanks for the input, I have also read complaints about Divinity 2. Enjoyed DD and SG both . . . would have been nice to have a great second release for both games . . . =)

Sacred 2 is a very beautifull game.
But it's a Sacred game with its runes system. So there are many traps in building a toon, and you only see very late you destroyed your character. So, we play but we loose our time with this runes system, as we keep retrying making without flaw a character again and again..

Good information, I had not heard about this problem, thanks . . =)