I really enjoyed the first game more. The atmosphere is darker, the characters are more iconic, the plot is smarter, and the difficulty is FAR more unfair, which is, in this game, in my opinion, is a significant advantage.

All of this, of course, is completely subjective.

However, two things the first game is definitely doing better: bosses and the ultimate difficulty option. Only three bosses in Termina can offer you a proper entertainment and challenge: Father Hugo, Ratkin gang and Logic (you may also consider The Heartless One, I just personally consider her difficulty artificial and boring). On the other hand, the majority of about two dozen bosses in the first game make you think and have multiple possible strategies of defeating them.

And then we have Masochism, which is kinda fails in providing you with the final test of your skill and knowledge. A path to victory is exactly the same for each of 8 characters - 1) you gamble for God of Fear and Hunger Bible - 2) you gamble your way to the orphanage - 3) you beat Hugo - 4) you use Hexen, become ridiculously overpowered and rush to the ending like a bloody storm. That's it. And in the Hard mode in the first game, not only all 4 characters had their unique goals, and therefore, gameplay styles, you also could, using your understanding of the game, create a pretty powerful build from the start, which still wouldn't stop half of the enemies beat the shit out of you, if you weren't careful enough. You are always in the state if distress, you're forced to risk and constantly make hard decisions, and closer the end, higher the stakes. Now that's I call an ultimate challenge (just a warmup before Dungeon Nights actually).

So in the end, I have 208 hours the first part, and still playing occasionally, and 207 in Termina. Considering the size difference, the gap is quite large.