Never played Black, but I have the original NG with the two HPs, and the difficulty of NG2 is comparable for the most part. NG2 is much more frustrating though, due to a combination of an often-annoying camera angle (right in the middle of an intense battle) and a gross excess of rocket-launching enemies. I feel that NG2 is more extreme than the first, both in terms of the good and the bad. The upgraded graphics, combat system, violence, and gore are countered by more claustrophobic-feeling levels and cheapness. The camera is manageable, as you don't really need to see your character every single moment once you are familiar with the controls. Getting slammed by off-screen rockets and fireballs, on the other hand, gets old.
That said, I was/am a huge fan of NG1, and absolutely love NG2. The replay value is absolutely there if you enjoy tearing enemies apart ad nauseum. If Warrior was too easy for you, Mentor and Master Ninja are disproportionately more difficult. It is unfortunate that much of this difficulty comes from projectile-launching enemies, but skill and strategy can still prevail.
I pre-ordered NG2, played through once on Warrior, and am still struggling through Mentor. Warrior was a decent challenge, but Mentor has caused much cursing, frustration, and lost sleep; still, I keep coming back for more, so I guess that says a lot 🙂
In the end, NG has always been about combat and challenge, and NG2 has both in excess; any fan of the original XBOX version owes it to him/herself to purchase a copy.