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[...] As Ive already written, I prefer the predecessor over its sequel.
This is partly due to the things already mentioned by others, i.e. weird villain dialogues, which are absent in Icewind Dale.
I also somehow like the 2nd Edition AD&D rules more than the new ones, perhaps because I tend to focus more on the characters and the game itself instead of the mechanics behind it ("which feats are the most useful?") and the balancing.

Anyway, overall I think Icewind Dale has a much more intense atmosphere than its sequel: Everything (locations, enemies, music) fits together and feels more "nordic" than in Icewind Dale 2. This has probably to do with Icewind Dale 2's plot that leads you to many different locations (underdark, Targos, chult, fellwood etc) instead of focusing more on the spine of the world and its dungeons. In this case, I think less variation is actualy a good thing and helps to create a specific atmosphere.
Thats not to say that Icewind Dale doesnt have variety! The Dragon's Eye, forlorn mountain temples, ancient elven and dwarven ruins, glaciers, barbarian camps, burial isles etc are all there - but those are locations that are more tuned to the spirit of the place instead of having variety for variety's sake.
On the same note, the encounters in Icewind Dale are more interesting to me, because they, too, fit the setting (see a pattern here?) and somehow "make sense", i.e. they are for the most time not just a bunch of seemingly random selected monsters that are thrown at the party, like Icewind Dale 2 sometimes does (but there it is perhaps partly due to the storyline).

Besides that, I find Icewind Dale 2 to be much more "over the top" in regards to magic and fantasy, which, if you are someone who dislikes "high magic" settings like me, is not something you can look forward to.
I dont know if this is at least partly because of the 3rd Edition D&D rules, the inclusion of subraces (both are absent from Icewind Dale) or simply the designer's decisions to "top" its prequel...but you wont find as much teleporting goblin hordes, demons, dragons and such in the first game. Instead its more about battling orcs, trolls, undead, yuan-ti and the like. One could say its more "classic dungeon crawl" in this aspect. At least in the beginning.
Oh yeah, there are also fewer outdoor locations than in Icewind Dale 2, but not that many.

The storyline itself is much more local instead of Icewind Dale 2's epic "save the world from the gathered armies of the enemies". Of course, the fate of the north is still in your hands - but this time, the enemy is much more subtle in his scheming.