Eternity stretches before you, but is is an eternity of fear and repression. Anarch against elder, clan against clan, Kindred against Kindred - all are pawns in the never-ending Jyhad - and from within, the Beast gnaws at your very soul, threatening to devour you. Your lust for blood is all consuming.
I actually had more experience playing with the first edition rules, but didn't get around to buying a copy for myself until the second edition came around. I don't think it improved substantially on the original, but it retains the entertaining style and aesthetic.
My favorite part of RPGs has always been character creation. That is the stage in which all possibilities are open and you get to dream up a coherent and original "person" whom you would like to act out. The Masquerade is especially satisfying in this area, as it encourages you to think dramatically rather than strategically. Although RPGs as far back as D&D have claimed to be truly about pretending, not about winning, there has always been a contradictory element in the ways that characters and adventures are designed as tests of attributes rather than playgrounds for acting. White Wolf did not completely resolve this issue with their stylized gothic-fiction games in the 1990's, but a serious step forward was taken.
For those who don't know it, "The Masquerade" is a game in which players become vampires whose leadership secretly runs whatever city they happen to live in. The GM designs scenarios for these characters to interact and gain power or pursue whatever goals they have created for themselves. There was a tabletop version, but what really made the Masquerade unique was its emphasis on live-action roleplaying, in which players would act out their dialogue and actions (to the degree practicable without danger). For a new generation of highly dramatic goth-enthusiasts, this was an ideal combination and guarantee of success. It was also a great deal of fun, and continues in various forms today, even if it isn't exactly the cultural phenomenon it once was.