Yes, it's out. Go get it right now.
Oh, you're still here? Well then I guess I'll tell you that Infinity Blade is even bigger and better than before. There are now multiple classes and play styles, including dual wield and two-handed in addition to the standard sword-and-board hack and slash gameplay. You can now forge your own weapons and upgrade them with gems, explore a much bigger and more exciting world, and see a little bit of story along the way.
Combat itself has been tweaked and fixed up, so parries are much smoother to pull off, which is good, because there are new enemies and attacks, too. In other words, Infinity Blade demonstrated how to make a brilliant iOS game, and Infinity Blade 2 is the idea expanded and writ large.
There's even more to come, as Chair has promised more updates. Since first title eventually got free content, level cap raises and a multiplayer update, it's a good bet this game will get the same post-release attention.
In short, Infinity Blade 2 is as triple-A as iOS games get. Consider that top-shelf console games sell around US$59.99, and it's quite nice that iOS gamers can get ours at just $6.99. Chair and Epic are still setting the bar for major studio gaming on the iPhone, and this time they knocked it up there pretty darn high.