Sega has come a long way since Ep 1. Colors and Generations found the balancing point for Sonic and brought him back. If they try to emulate their 2d portions in ep 2 then this will be a far shot different than ep 1 was. Good thing too because ep 1 was slow, glitchy, had awkward physics and bad level design.
The Sonic 4 Saga continues as Sonic reunites with Tails for all new collaborative play! Following the events of Episode I, Metal Sonic has returned to form a formidable alliance with Dr. Eggman! To face this new threat, Sonic will have to call upon an old friend to help him save the day! Joined by Tails, utilise ingenious combination moves and race across four brand new Zones, in order to put an end to their evil plans! Play alone, or with a friend locally (and online), in an evolution of Sonic 2's collaborative gameplay! Unleash Sonic and Tails devastating joint attacks and combination moves to fight the united force of Metal Sonic and Dr. Eggman. Episode II features an all new game engine, bringing you updated physics and an original graphical style as you race through four unique Zones and a new Special Stage.
Well, regardless of the unfortunate timing of that picture, it looks alright. I still have no idea why Sega couldn't have just released these games all at once, other than milking the franchise dry. If that were even possible at this point.
Between the last image showing an updated version of the Sonic 2 Chaos Emerald collection minigame (my favorite of the collection minigames) and the online co-op you just mentioned... Sonic 4 episode 2 just went from a "I will buy it when it's on a good sale" to a "I must keep an eye on this" game.
The screenshots look great, hopefully when they are in motion they still look great.