Sadly, no.
While it's not a *bad* game, it's definitely a very different game than Majest 1 was.
The biggest change has already been mentioned; heroes lack personality. Rather than the unique charasteristics and pro's and con's of the original heroes in MFKS2 are just husks. The rogue, the warrior, the paladin, the wizard. They are all the same except for their offensive powers.
It's even so that building 3 guilds (the max) of rogues is generally the best method to complete a quest, as you don't have to worry about them being cowards like in MFKS1, their ranged attack being useless against skeletons in MFKS1. Nope, they are cheap and easily accept flags. That's all there is to MFKS2 :/
Other things are no freeform, no continue playing after completing a quest. They basically reworked Majesty from a sim to a indirect-control RTS. Sure, it works better in PvP multiplayer than MFKS1, but ask yourself... how many MFKS players really cared about that? Sadly the whole focus on PvP MP ruined that which made MFKS1 the classic it was.
And yeah, it's fun playing the bad guys in Monster Kingdom, though the further along the DLC you go the more you start a lack of effort, as texts get riddled with engrish and typo's, and Monster Kingdom *WILL* crash a lot on you. I basically had to save+reload 150(!) times to complete the final mission since it would crash every 2-3 days. No exegeration...