You should watch the second one, understanding in advance that you may be a little thrown because they recast the whole thing.
Overall, I think Part II had better acting and pacing, and more exciting sequences. The first one was awfully heavy on boardroom scenes and a lot of talky-talk about the qualities of metal. But opinions vary sharply on the cast. I thought Taylor Schilling was too young and glamorous to play Dagny, and Grant Bowler was too smooth. Jason Beghe struck me exactly right, and Samantha Mathis was believable (even though she falls far short of Cate Blanchett, my ideal choice for the role). Unfortunately, the two actors did not display any sexual chemistry in Part II whatsoever.
The big improvement was D'Anconia. How much of that was direction and how much acting, I don't know, but the first incarnation made him seem like far too much of an idiotic frivolous womanizing playboy to be believable as a highly intelligent and competent industrialist. Esai Morales did a much better job on the latter aspect, which is by far more important to the narrative--particularly in the money speech at James Taggart's wedding, and his attempt to persuade Rearden to join the strike.
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