Now that I've cleared Valis II, i'm starting on Valis III. My journey has just begun, but already I've noted that the cut scenes are a bit more animated and interesting, as are the character sprites. I love that the gameplay is a bit more diverse than last time around (magic, sword charging, slide move...) but there is something missing that I can't yet put my finger on. Valis II was by no means an innovative title by standard of gameplay (quite the opposite) and Valis III seems to be far more developed on that front, but i'm a bit put off by things like the obligatory push-back-on-hit that sends you plummeting off cliffs to your death, or the abundance of hard to make long-jumps that send you plummeting off cliffs to your death (despite Yuko's apparent ability to fly as shown during the intro mini-level when she catches the Valis sword).
I'd be interested to hear anyone else's take on this. I'll be giving it more play time and updating this thread as my opinion evolves.