The only real objective improvements are the artwork, which now looks less amateur(genuine compliment, by the way), and the addition of lore, in that there's ANY real lore.
Really the biggest change is the gameplay loop is more refined(Mostly in the sense that skill acquisition and other things are paced slower, giving an even greater sense of progression that this series is known for). If you HAVE played through literally any S&S game, forget it there's nothing new here. If you didn't have that privilege as a kid then I could recommend this game. Some of us had the privilege of actually playing the full game. We all remember looking up 'Swords and Sandals II free download' back in the early 2000's.