The debut trailer is right heaaar: (do not confuse it with that first teaser)
http://www.gametrailers.com/video/exclusive-debut-two-worlds/100516
www.twoworlds2.com
http://board.zuxxez.com/forumdisplay.php?f=171
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So, what are your expectations on this sequel based on its story and this trailer? What are the flaws of the first game, that you want them to get fixed on this sequel?

It looks amazing. I'm expecting the sequel to be even better than the first game. :)

Wow that trailer looked amazing!
Still I am expecting an unpolished gem with a cliche story and substandard cut scenes. Not to mention a lack of balance and some underdeveloped abilities *cough*thieving*cough*horses*cough*.
Still even if they don't exceed my expectations, I think it will still be a good game.

I notice GAME/Gameplay are stating that Two Worlds 2 comes out THIS friday on PC.
Amazon and Shopto.net state its not out until September.
I suspect both dates to be optimistic.

I don't know where you got those dates from but game states "Q2 2010" and nothing further. Gameplay however states quite clearly "17th of September". I would link it but I don't think it would be proper.

The official release date is September 14 for North America and September 17 for Europe. When a game's release date hasn't been officially set game stores regularly make up release dates set in the near future to try to sucker you into pre-ordering, and it takes them a while to update to the real release dates once they are confirmed.

The Reality Pump Studios boss said in one of the interviews that TW2 may become a game of the year, so they may have polished their gem quite well :)
Also, this is not the first trailer. I agree this one looks amazing, but the previous one was awful. Funny thing is they used almost the same cutscenes in both of them.

After finishing the main quest in the first Two Worlds, I'm really looking forward to part 2. I just hope they don't ruin it with that online-activation DRM junk. If so, I guess I'll have to wait a few years till GOG can release a DRM-free version.

Recently, I read there is going to be one time activation via internet/phone.

Well, the site says this was the debut trailer, and that first was the announcement teaser. Those are two different things.
Now there is a third video (gameplay montage), with all the same scenes we have seen before:
http://www.gametrailers.com/video/exclusive-mighty-two-worlds/100739

do you know the source for that? I refuse to do activations so it would save me anticipating the game if I know this ahead of time.

Two Wolds 2 will have the same activation DRM as Two Worlds 1.

Well, since I only plan on installing the game on one computer (laptop gaming just isn't effective with a ten-hour battery), the activation method really doesn't bother me. But if you're going to "Refuse the game" because of the DRM, be sure to tell them that, because how are they going to tell the difference from people who won't buy the game because they don't like fantasy games, or maybe they didn't like Two Worlds 1?