I have Meglobob. In a word: Awesome. I wasn't expecting very much, some kind of watered down Heroes of Might and Magic game, but it's so much more awesome than any of those. I don't recall much about the original KB but this version has an awesome combat system, a surprisingly engaging world with quests that have actually had some thought put into them (many offer multiple solutions and your choices can actually impact the world, which troops you can recruit, etc) and a quirky sense of humour. Its also filled with little touches that really make you appreciate the effort that went into the game. If you liked the first one I don't really think you can lose springing for this version
Oh, I should add it's also a long-*** game. I'm probably less than halfway through and I've literally played for days. It also features a completely randomized game world with different troops you can recruit, different items and different enemies each time you start a new game. There also seems to be a reasonable change in the strategy you need to employ depending on which of the three classes you choose.
Edit: Thinking back to the original, you had a set timelimit and had to choose which 'villains' you went after within that timeframe, right? The game is a bit more linear this time in that there is a single major storyline you follow, although most of the game lays in taking your time and exploring the atmosphere and sidequests of all the regions you go through.