In terms of campaigns, NWN2's OC is significantly better that NWN's OC, but is still firmly mediocre. NWN does a bit better with its expansions, but I never felt that either of them were really anything to write home about. On the other hand, the Mask of the Betrayer expansion for NWN2 is excellent, and the Storm of Zehir expansion, while a bit different (you fully create your own party without a main character, similar to the Icewind Dale games) was also quite good in my opinion.
That said, I'd still consider NWN the better deal overall, simply due to the quality of user-made modules available for it (The Prophet series, The Ailund Saga, Tales of Arterra, excrucio eternum, and the list goes on and on). If you haven't already played NWN then get it, learn the basics of how to play, then start playing through the user-made modules.