Originally Posted by Kirk Foiden
The Xbox version is actually better than the Dreamcast version, with the exception of not being able to transfer your specific save (that didn't have everything) to the new adventure. So, technically you always start the Xbox version as if you made a transfer, with a bunch of stuff, just so that you can achieve 100% completion on the Xbox version.
This is one of those rare cases where the English VAs bettered the Japanese VAs, it's cool if you completely don't know Japanese and just want to hear it in a foreign language so you can ignore voice acting quality. However, the more you understand or know the difference between good voice acting and bad; the more the Japanese version drops in entertainment value (listening to it) over the English. They really were uninspired in the 2nd outing, which is a near total reversal in comparison to how it was in Shenmue 1.
The Dreamcast version of Shenmue II also suffered from the fact you can tell they really were pushing the Dreamcast past its limits, in the game. While there was nothing like it, at the time, the Dreamcast struggled quite a bit through most of the early and late game, to get a good framerate. The Xbox, with it's little graphical enhancements doesn't keep a constant high framerate, but it never slows down to anything worse than double the speed the Dreamcast did when playing through the same section. Even the arcade ports, suffered a bit, on the DC, of which you get them at full unadulterated speed with the Xbox release. Outrun really comes to mind, as that alone is practically worth the cheap $20 package, it goes for. I have a particular save file, at that point, with lots of money, so I can play Outrun whenever I want. It definitely betters the port of Outrun 1 that's on the Outrun 2 disk.
Also, with the Dreamcast version, you don't get as many goodies and shemue-related bonus material. In the Xbox version, that camera function is not trivial, but a pivotal method to gaining lots of cool Shenmue swag. You have a portfolio in which if you get pictures of all the subjects in a screen, you get an unlockable including actual Shenmue-related Comics. Other stuff, too. Which is sort of like those presents you get in Christmas Nights. The camera system is smart enough to scan the pictures you take and determine which subjects are in it so it can group the pictures by subject. Very cool way to leaf through all pictures related to a subject you're interested in. None of this is in the Dreamcast version, so if you want everything that is Shenmue, you need the Xbox version to get them.
I'm a huge Shenmue nut, so I'm pretty versed in the various versions of them and what contents and secrets they have. (Japanese,English) versions of Shenmue I, and the Japanese/European DC, and U.S. Xbox version of Shenmue II. No plans on getting rid of any of them.