Wow. Just wow!
As with the fist one, the graphics alone just blew my mind. The sheet amount of detail combined with the music creates a very deep atmosphere. Not to mention the animation is very natural and fluid. The whole game -though a challenge- does flow very well, especially as Sly powers up with magic.
The lack of a boss at the end was disappointing, but overall doesn't subtract from the game.
And guys- it is possible to get all the mushrooms and keys, some are very well hidden, and even with the blue sparks it's difficult to find them. Move slowly and you'll see an occasional spark rise from the floor of a cave.