4Gamer have a very long look at Busou Shinki: Battle Masters Mk. 2 up on their site with a 12-minute video that shows a very healthy amount of in-game footage:
Each Busou Shinki in Battle Masters Mk. 2 has its own story. Eukrante, Ianeria, Tsugaru, Estoril and Jill Rivers are confirmed to be in the game. Konami will also release more characters as downloadable content. You’ll also be able to import save data from the first game into Mk. 2.