Watch out for the new Neo Tank!
Advance Wars 2 feels very complete. It looks and plays just like the original; most of the sprites and areas look the same. There's new character art and a fantastic looking intro, though.
Here's what's the same: all of the game modes, like the War Room and multiplayer, are included. New COs and maps can be unlocked by completing various tasks. In fact, pretty much all of the gameplay is the same. The story picks up right where AW left off -- Sturm's army and new COs are trying to invade the other continents of the world.
Here's what's new: There's one new unit called the Neo Tank. For the price of 22000g, this extremely powerful unit can be built. It's also of strong importance in the story; it seems as though the plans need to be acquired before it can be built. Also, there's a new method of using CO powers. A power can be used when three "stars" of meter are built up, but a bigger, better CO power can be used when all six are filled (or two weaker power uses instead). Another new feature is some sort of sprite edit mode. You can create a custom color for your own army.
Overall, it feels like an expansion of the original game. There's many more maps and COs, and probably a longer Campaign mode; it's an bigger and better version of Advance Wars, even if it may possibly be too similar.