I realise I am a bit late in coming back to this, but have been formulating my final thoughts on it for a while. So here goes.
This will not replace scripting per se. What I do think it would be good for is a more complex replacement for NwN's plot wizard. As such you really, really need to know what you want to achieve before starting to use it i.e. have some sort of plan of the module story before you start. Also you need to use this before doing any other plot/journal related activity and once you have started to add your own material to the plot(s) do not use scriptease 2 again for that particular module as you will in all probability lose it otherwise.
Like most other script/code generators this would seem to create a lot of script for the outcome achieved. However, on the plus side, the scripts produced are eminently (on the whole) readable, unlike those of the NwN plot wizard. This should make editing them when/if the need should arise. One minor niggle is that the authors have chosen to rename pseudo heatbeats as SuperHeartBeats. Also the generated script has a lot of functions commented out thus leading to bloat.
Now on to my usual gripe - documentation. While the tutorials are quite good (ignoring the number of images that do not entirely agree with the instructional text), there does not appear to be any other user documentation. Given the level of complexity of this tool, there really should be some even if only to list what is available within it i.e. I am not asking for "war & peace" here, just enough information to be able to make use of all its features.
There are one or two other minor niggles but I won't go into details here.
Overall, not a bad package by any means as long as the points I outline above are born in mind. That said, I am not really the target audience and I would like to see what someone who has never scripted before makes of it and if it leads to them actually getting their hands dirty with actual scripting later on.
TR