After watching the First D&D movie in 2000, I thought I might give this one a view, on DVD since it never hit the big screen down here.
Spoilers Start -
The Fantasy Dilemma: We have our damsel in distress, a sorceress in training who sucumbs to a decaying curse. We have our villain, Damodar AKA Mr Blue-Lip-Gloss (who was the evil side-kick from the first movie). And of course we have our bunch of heroes, a banded together D&D cliché group consisting of a thief, swordswoman, wizard-type, and other generic types. Unfortunately they each die before you can really associate with their characters (unlike the first movie). A few scenes hinted at some promise to the movie, such as the "blink and you'll miss it" battle against the Ice Dragon, but ultimately these random skirmishes, plus the anti-climactic climax do little to save this movie from the DVD bargain bin.
Spoilers End -
This movie also has a "made for TV" feel to it as well.
I wouldn't recommend this to general movie viewers, but if you enjoy D&D fantasy movies, this will be some entertainment, but it's far from a classic in the genre and pales in comparison to many big budget fantasy films.