Looking at the pictures, there's some new shots of a tower with a lovely stained glass window (Coriakin's Library?), a new shot of the Pevensies at the "mystery location," and a very puzzling shot of a light in Coriakin's garden.
To me, the Reep shots look very poor. I hope it's just the image quality.

Pevensies:

Coriakin's Garden:

I am guessing that the stained glass window/building shot is either Coriakin's Library or Cambridge.

We now have a slightly better idea of the order the scene with the Magician's Book based on the shots where the pages flip. The previous trailer showed the snow after the flip and didn't show much background; this one shows the snow before the flip and shows more of the background where snow can plainly be seen falling. I can't tell whether or not she ripped out a page.

The shot of the Dawn Treader sailing towards the camera is purty.

That is definitely a new shot of Lilliandil. I don't see anyone around her.

Susan is holding her quiver in her right hand!?! And the first trailer showed them in the wrong order. I had wondered about that.

Return to Wonder??? That's new.

Coriakin's garden looks um..........not at all how I imagined it.

Still don't like the Minotaur.

I'm guessing the thing with the Lion's head is on the ship.

Oh, and REJOICE NARNIA FANS! NO WHITE WITCH! (not that this means she won't be in the movie. still, I am very glad that she is not in this trailer)

Edit: Where's Eustace?

Yeah, Coriakin's garden does look different than my imagination, but I do like it. It does seem to have an "Alice in Wonderland" type feel about it though. Not necessarily bad; just an observation.

Oh, and I absolutely love the shot of what appears to be Narrowhaven!

And it appears that in the picture of Lucy looking at a carving of Aslan's face you can see Susan's horn. Interesting.

Well, it's here. VDT trailer #2 was apparently released on the Diary of a Wimpy Kid DVD. I don't know about the rest of you, but I heard nothing about this until late today.

In case you haven't read the story on the front page, there is some new footage, and NarniaFans has both a transcript and screencaps. Nothing high-res yet, though. Also, the trailer itself it is not believed to be online yet.

Of the new footage, most of it just seems to raise more questions and complicate things even more.

~~ There is a shot of the Pevensies walking side by side. Susan has her quiver at least, and Peter has a sword. Rhindon, possibly.

~~ We still can't tell where that scene takes place, but there appear to be large chairs (read: thrones?) behind them, in front of the pillars. Three that we can see, there could easily be a fourth out of view.

~~ My only guess thus far on the shot of Lucy disappearing into a mysterious "Portal" in the Magician's garden: Coriakin's house has also been made invisible, and she just stepped into it. Not the greatest idea, but anything seems possible at the moment!

~~ No MLGael sightings in these caps, at least.

~~ The CGI is difficult to rate on the low-res screencaps, some shots appear improved from the first trailer, but there are a few new ones that don't look good at all to my untutored eye.

If anyone has seen the trailer, please post and let us know anything you noticed, especially if it wasn't mentioned in the transcript!

Aslan looks a lot like his Prince Caspian version. Some new unfinished shot of reepicheep. Can't wait to see it, it's a step up from the previous trailer.

More of a "Teaser 1.5" than a full on Trailer 2, but its still nice to get new things to discuss . A few random observations:

In the second shot of Ramandu's Daughter forming, in the foreground you can see the corner of a table with lots of food and berries on it - this would seemingly be the banquet at Aslan's Table on Ramandu's Island.

The boulders in the background of the Pevensie shots do look a bit like the Moeraki boulders which we've seen on the Movie World Set Tour and in one of the recent Website Game Concept Art Pieces.

I agree with Adeona that the portal in the Magician's garden would seem to suggest that Coriakin's house is invisible at the beginning. Its certainly not a terrible idea, but i would just hope that it is genuinely an artistic choice on the part of the director to have it that way, and not just a cost-cutting excuse to save having to build a big expensive house set for Coriakin's House.

In the shot of Lucy looking at the big Aslan seal on the wall (presumably on board the Dawn Treader), just below it, displayed on the little inset shelf, is Susan's Horn. One might wonder whether the rest of the Gifts are also inside the cupboard?

The close-up of the building at the start, is the same building seen in the background of the first scene in the teaser trailer - the Gate House of King's College Cambridge. The detailing on the clock tower is all the more impressive considering its CGI.

EDIT: A few further random observations on the audio in the trailer:

The line "You’ve got an extraordinary destiny. Something greater than you ever imagined" sounds completely different to how it did in the trailer. In the first trailer it sounded like Reepicheep, but now its someone else altogether. Unless of course Reepicheep has been recast again

King Caspian's lines of "Be strong! "Think of the lost souls we’re here to save. Think of Aslan. Think of Narnia", whilst perhaps cheesy sounding and perhaps somewhat indicating of the new added plot lines, it does give us our first impression of Caspian's new non-Telmarine voice, and i have to say its not too bad. Still recognisable enough as Caspian, and not just Ben Barnes' regular voice.

Prepare for the complaining about Caspian's new accent to being. I don't mind it though. Sounds so much better on the ears than that dreadful faux Spanish accent.

The CGI still doesn't look that good and I'm not thrilled about the dialogue either, but the rest of the trailer looks fairly good. Not as chaotically jumbled as the previous trailer was.

I do wish Georgie hadn't overacted the snow scene though.

I still don't like the fact that they have Ramandu's Daughter going back and forth from star form to humanoid since it entirely scraps the Narnian star mythology, but at least this transformation looks more natural and less Star Trek.

The interior of Coriakin's house looks far closer to what I imagined than I ever expected to see in a movie. Don't mind the house being invisible either. Kind of adds to the mystery of the island.

As soon as I saw the screenshot of Coriakin's island and the pillar of light I knew where they were going with it, and I'm not particularly thrown or distressed about it. In fact, it yet again made me more curious about what they'll do with the entire island segment of the story.

(Also, a tip to Hollywood from those of us who live in northern and cold places: get better-looking snowflakes. White plastic shavings are not snowy-looking. )

I'm interested as to why they replaced "Return to Magic" with "Return to Wonder". I think it's a good thing in my opinion. Wonderment and adventure is a theme that made me love the Narnia series in the first place, and it's what the movie needs to do to (in my mind) be successful.

I'm going to forgo a full analysis at the moment since the trailer is still pretty fresh in my mind, but I actually felt more excited from this teaser than the previous full trailer. Perhaps it was the cinematography or music, but I just came off it feeling good despite some things us Narnia fans are scratching our heads at.

I'll try to articulate my thoughts better after it's settled a bit.

My first thought was that the music is utterly lovely! I hope the whole of David Arnold's track is as pleasing as his work was in this trailer.

A few other random thoughts:

1.The shot of the Dawn Treader at sea and of Reep at the mast-- what the Bism!? Why would they put such horrid unfinished shots into a trailer? Hopefully these scenes won't be shown in theaters as we're seeing them now. And I do have hope, because-
2. It's hard to tell with the low quality of the trailer we have, but the minotaur shot definitely seems to have improved over last time.
3. Thanks for finding the picture of the Gate House, icarus! The building's a really neat way to open the trailer.
4. More shots of our dear 4 together. Why? I'm still confuzzled, and I want a dragon.

Bookwyrm, what are you talking about? In general the CGI is much improved from the first trailer. Besides the Dawn Treader at sea and Reepicheep in the sunlight - that CGI looked a bit undercooked. Otherwise, I thought it was very good.

Well, the CGI for the mermaid was smackingly bad, and the garden scene could also be improved.

It looks good in Coriakin's scene though, and Aslan's not awful.

I enjoyed the music in this trailer a lot! Does anyone know for sure that it is the work of David Arnold? The CGI has improved quite a bit, which is splendid! And I like the portal to get into the Magician's house, and since we have seen concept art for it, I assume that it will become visible along with the Dufflepuds after Lucy says the spell in the Magician's house. I also think that the shot of the doors aboard the Dawn Treader being opened, with the satyr and minotaur in the background, will be connected with the shot of the minotaur from the original trailer. I think this is Eustace frustrated, rushing out of the room, and as we saw in the spy video, he bumps into the minotaur. I would assume this to be true, as in the original trailer, it is more clear that the minotaur has been disturbed and is turning around.

I still don't like the fact that they have Ramandu's Daughter going back and forth from star form to humanoid since it entirely scraps the Narnian star mythology, but at least this transformation looks more natural and less Star Trek.

I am lost. Perhaps I need to go back and reread VDT but how does that mess with Narnian star mythology. I thought it was commonly assumed that RD was only half star. That being said it seems only reasonable that the rules would be different for her. I may be weird, but if she is only half I would kind of expect that she would be able to appear completely human in one instant and starlike in the next.

I am aware that she shouldn't ever be in the form of a ball, as Narnian stars are supposed to always have a human form. Is that what's bothering you? Maybe that's just how she looks on the way down. But the glowing humanoid form, that's how stars are supposed to look all the time right? Looks like they did it right to me, but I could be wrong. Could you help me out?

This just gets weirder and weirder! (sorry, couldn't resist )
In the first trailer the part where the book reacts (flipping pages) it does not have snow. Pictures found on this page at spareoom.net In the 2nd trailer in does have snow. Picture located here. I wonder if that means the book reacts twice - once after she says the snow spell and once after she rips the page? That would explain why there is snow in the picture when she slams her hand down on the book.