Warband should beef up the strategic aspects of the game a bit. One of the big issues in Mount & Blade is that while you could rebel against your liege, you couldn't get other noble houses to support you that well. In Warband, you can carve out your own kingdom and get lords to kneel to you, basically becoming their liege. You'll also be able to use marriage to form political alliances, which falls in line with the politics of the era. The AI has also gotten a boost in this department, as well.
Taleworlds does hope to make things easier for newcomers, as well. That means more feedback and information, but also a better learning curve.
There are a slew of cosmetic upgrades that won't make the game compete against Crysis in the looks department, but it is a nice step forward. Now there's HDR lighting, as well as bloom effects and reflection. This basically lets all that metal armor gleam and shine. Many textures have also been revamped for a high-polygon look. Now they look halfway modern, as opposed to downright crude.
