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Unlike EU series where the 2 or 3 means an update of the previous, KA2 is a continuation. I still play KA and enjoy it, think of it as a lot of M:TW with a bit of text based RPG. Its not that expensive either.
 
King Arthur II is both a sequel and a stand-alone game, its story is unique and everything will be explained from the beginning, so you don’t need to buy the first one. Of course it gives a depth in gaming experience if you played King Arthur.