I checked out the demo, and I think it's a buy. The wolf-riding was incredibly refreshing, and it looks like you're going to feel a bit more evil this time. The elves being Jamaican, swashbuckling hippies helped a lot, that was seriously fun. But I'm really sad that they've made it look more linear. One of the best part of the first was being able to choose a bit between where you wanted to go, I wanted more of that, not less.
I think you are wrong on the stupid minion part. I was bothered a bit by this at first, but then I realized that the minions did pick up everything that was better than what they already had. A brown with a sword won't pick up a club, and I think the armours have the same kind of stats - so the minions are actually prioritizing better protection and offence, without you really noticing.
The blue and green minions was a bit of a mess to work with, though. In a big battle, you had to send the browns and reds in, set up a guard post for the blues, and then start moving the greens around. If you wanted to be effective, you needed a guard post for the reds as well. And if you had those rolling things that you had to make your browns dodge? Jeeeez. I'd like to be able to do something total war-ish (or maybe more baldur's gate-ish); to pause the game, give the minions orders, and then continue. If we could've done that, the enemies could also have been harder. I want more effective tools, and a harder challenge. But I still want the game. Fucking hippie elves.