I still prefer MTW/VI over Medieval 2. Both are fun games, but I find that Medieval 2 simply doesn't capture the atmosphere of the original. M2 actually improves on certain elements (religion being a big one); but for me at least, it lacks the same level of immersion as its predecessor.

I can sum up my experience by repeating something I originally said about Rome: MTW makes me feel like I'm actually the ruler of a medieval kingdom; Medieval 2 feels like I'm just "playing a game".