Just some comments after reading you guys' posts:
In my opinion, Shenmue II is more "action-packed";
The long walk at the end of Shenmue II really gives you tons of storyline and character bios, keep on talking to her and you will learn alot about the game, not to mention the rocky cliffs and the forest are absolutely beautiful. (SPOILER: if you pick the right path, Ryo will almost get a kiss from her);
Shenmue II has the best ending ever, even though it's really not an ending. After spending so much time playing Shenmue and Shenmue II, that final scene in II makes me want to play Shenmue even more than ever;
Will there ever be a Shenmue III? Yu Suzuki never answers the question directly, but he gives you little hints here and there that there WILL be a part 3. Probably not this generation, probably on Xbox Next or PS3.