Well, i don't exactly have any of these palletes but i've been reading and looking at tutorials about them for months. Unfortunately in my country Sephora doesn't bring them too often, but when i get the chance of going abroad, i will definetely get one of them. 

First of all, i know that 3-4 shades are the same and both the palletes have nude shades,obviously. But the first one [Naked] has darker shades and more shimmery ones. So if you're good with the shimmer i would say go with the first one. 

For me i think the second one would be better because i don't really like the shimmer but i really have an obsession with the first one. Also, I tend to like more those shades.

I have Naked 1. I am not all that happy with the dullness of the colors. I took a look at Naked 2, and the colors seems more lively. If I had it to do all over again, I would get Naked 2. It would be stupid to have both.

Hi.

I own Naked 2, and I love it!  The colors are slightly cooler than the first palette, mostly shimmers (I think there's 3 or so matte finishes but even those seem to have a subtle shimmer when applied), and there's a couple of repeats from the first palette.

(I'm pretty sure you could see the exact colors at Urban Decay's or Sephora's websites.)  

Both are pretty palettes, but as I said, Naked 2 has some cooler shadows.  Cooler than Naked, but still fairly warm toned. Even the silver color has a warmth to it if that makes sense.

Unlike the brushes I usually chuck that come with eye shadows, the dual sided brush that comes with Naked 2 isn't bad. (It also came with a small lip gloss instead of eye primer like Naked did.)  

I don't know that you would need both palettes as while not identical, the two sets produce a lot of similar looks.  

Two things: first, a little goes a long way.  The shadows are very pigmented so you need to use a light touch. Second, Naked 2 comes in a clickable close metal tin, while Naked came out in more of a felt box thing.  I like the tin way better. I did see a big new display of Naked palettes at Sephora last week, so maybe they're rereleasing Naked in a better container like Naked 2. Maybe.

I really like the color range in Naked 2.  It runs from an almost buttermilk color matte and shimmer to black with all kinds of smokey, earthy colors in between.  I think it would flatter most if not all skin tones.  As the name says, they are natural colors, but produce a striking effect.  Smokey, sexy, or shimmered depending on the combo of shadows you pick. Hardly boring and quite flattering.  

Hope this helps.

 I was just looking at these at ULTA the other day, considering buying one as well. Naked 1 has more golden and warm undertones, where as Naked 2 has more gray undertones. For me, I prefer Naked 1. However, I tried out the colors and wore them around, and found that they really didn't wear very well. Some of them were very sheer. I decided to pass on the product as I just didn't think it was worth the cost. I would definitely recommend trying it out before buying it. Different products work differently depending on body chemistry.

Brillaint advice as always ladies! Thanks so much (you described it great by the way) I think Naked 2 it is so, I kinda though at the time the 2nd palette would have to be the "new and improved" one but you cleared it up for me! Thanks again :)