Felt like the lore in this game was more interesting, but the plot itself was AWFUL. I mean there is no plot at all. Hero could of beaten the game by pulling one of the trolls from the tutorial to the kings door, and then summoning ladderbro to get to the hut. You dont need the great souls to get past the shrine of winter, you never talk to the king. Whats the point? What does your guy even do except sit in a chair and kill Nashandra? Emerald Herald really doesnt contribute to any plot either. Real disappointed there. Also felt like end boss just sucked in terms of impact. She was the Deathwing of bosses, I was like "who is this", then I was like "that was the end boss?". Compared to Gwyn it was a joke in terms of mechanics or impact.
Regarding Old Dragonslayer, 100% convinced it's Ornstein. Old Dragonslayer doesn't mean he's old, it could just mean a Dragonslayer from long ago. He even drops the Leo Ring doesn't he?
Non-baseless speculation:
I think Sunbro survived DS1 and is related to the church in this game, as several miracles seem to have their lore written from his point of view.
I think the cat is simply Alvina reborn, as referenced by the cat ring.
I think Duke's dear Freya is reference to Seeth, and not crazy guy in that office.
I don't think Nashandra is Manus, just that she has Manus soul. Could be Gwyn's daughter or Dusk after being corrupted for all we know.
Baseless Speculation:
Don't think this game takes place in the real world at all. Seems like all the areas are 100% unrelated. Like you're portaling from one place and time to the next. When you take the elevator UP from earthen peak to Iron Keep it's a total joke. The lava is flowing down, yet somehow is not below, and can't be seen from below? So many places have virtually no relation in geography to one another. I don't think From was just that lazy.
Things I don't understand:
Portal to Drangleic in opening FMV?
Why all undead are compelled to Drangeleic?
Firekeepers reference that "you talked to her didn't you" at the start of the game?
Who the 4th firekeeper sister is supposed to be?
Why would the giants really care that Vendrick stole the Lordvessel and/or the Lord Souls?