I think that Raze 2 is slightly better. For one, it lags a lot less (might just be my computer)and for another, it has more options. The only thing that I wish it had is Multiplayer.
Raze 1 had the storyline only in the description about the level. I didn't even know what raze is. But when the second part came out. The story of it finally showed me what Raze really is.