I love P90X2. I am currently doing a hybrid rotation using P90X2 with the original X (along with some lower-body stuff from other instructors, as I don't think Tony addresses the lower-body needs of most women, or at least I never feel like I'm getting enough LB work).
Anyway, I think X2 is so much fun! The workouts are DEFINITELY different from the X, and it's really too bad they insisted on marketing it as X2, because I think that raised some expectations about what it SHOULD be, and is not.
I love the balance and core work, and I think it's awesome that there's so much focus on flexibility and functionality. The workouts are challenging in new and exciting ways.
And I used to be all Cathe, all the time, so using DBs, a couple of balls, a band, and a pull-up bar just does NOT strike me as being particularly equipment-intensive. Also, I don't think I'll ever be doing the moves that involve balancing on four balls and such, so...