I played both VtM Redemption and VtM Bloodlines. I even have 3 text-adventures VtM. So, yeah - I'm a huge VtM fan and since I'm also a huge RPG fan...
Bloodlines 1 is considered one of the best RPGs ever. Yes, there are some bugs and stuff - but isn't that also Bethesda's trademark? There is a fan patch that fixes things and there are even fan overhaul modes. So, yeah - great game.
Now, Bloodlines 2 were supposed to be released 2 or 3 years ago. Our protagonist would be one of Thinbloods (basically, the bottom of the feeding chain) and then there were some disagreements between the developer and publisher/IP owner and everything was scrapped - because, as you pointed out, now our MC is a vampire elder - which could be really cool thing because in most games you start as sort of noob but here you are a very powerful being. The only other game that I can remember doing that was Prototype and I loved that game,
So, I don't know if it'll be good - fingers crossed - but I'll give it a try. Just no pre-orders this time in case Paradox changes its mind again.