Extremely good. The kind of game that needs to be competent both in its gameplay, and its story, and Call of Juarez: Bound in Blood, exceeds in both aspects. Gameplay is super fun, removing everything that was unecessary (and boring) in the first game, and keeping just the simple mechanics, making it such a joy to blast your enemies as you listen to the hardest bass known to man; I've heard some complaints regarding the duel mechanic, but I had no problem with it, it was pretty imersive actually, I was on the edge of my seat whenever it happened; concentration mode could be better though.
Now, where this game shines is in its story, I'm not spoiling anything, but let me tell you it's damn good; at first I thought the two protagonists had the same personality (a tough cowboy hardened by the war), but they start to constrast as soon as the story unfolds, but Ray is definetely the protagonist here, and unlike most video games (especially FPSs [especially from the 7th generation]), it does have an actual plot, you don't just run from point A to point B.