I also find the story in P2 good but oh my god, the dungeons. Actually, the problem may not be the dungeons but the high encounter rate of battles. Some dungeons just drag for far too long. At least in this PSP version (as opposed to the original, I assume) there is an easy mode which as the name says, it's pretty easy, so at least you won't get one shot death like it may happen in P1 where before you know half your party is confused (which even stacked, so you had to cure maybe 2 or 3 confuse).
Aside from that, it is good. I have not yet finished P2 but I went pretty far into it, more than half game and I recommend it, just keep it mind your mood when you play the game and the beginning is a little slow.