I never played 1.0 but have watched all the cutscenes. I agree that it definitely had more of that Final Fantasy feel (atmosphere, if you will). There is a feeling that you're a part of some grand tale that you've only just started to unravel.
2.0's story is far more... sterile I think is the word. The biggest issue has to do with a lack of continuity and any sense of urgency. None of the key characters and key story developments have any impact outside of those cut scenes, so you don't feel like you're "progressing" through one large story as much as you're simply watching one isolated acting session after another, at the end of which you are simply allowed to go back to doing whatever it is you were doing without any incentive to progress the story because the emotional attachment simply isn't there.
For what it's worth, most of the story so far seems to be packed with nothing but hints and teasers on bigger and grander things hiding just off the horizon. I hope we are simply in a long and slow prologue right now and that SE will wow us with something in the next few patches/expansions (one can hope anyway).