Stage two cams keep intake and exhaust valves open longer. Also ECU remap with stage one and two.
Because of first gear ratio hard to keep the rpms up in first gear in slow traffic sometimes. Engine handles this smoother now. The engine revs more freely, smoother overall, and more power. Overall drivability improved. Don't have to downshift quite as much.
My Morgan came with stage 1. I understand people say that is a big improvement going from stock to stage 1 though I have no idea and maybe I am less appreciative I did not think stage 1 running was all that good. Going from stage 1 to stage 2 felt like a significant improvement and the way the engine should run as the Morgan runs very strong, linear with no dead spots. Historically below 3k rpm felt like a struggle and not ideal now I would say you are better down to 2,500 rpms and even below that. The power is delivered far more linear and is strong all the way up to 5k and if you are not paying attention beyond that.
The cams are not that hard to do so it would be a good winter project.