I really really hate the phrase "dumbed down" when it comes to video games. It's overuse has pretty much caused it to mean "there is a change I don't like".
However, I find myself agreeing with a few points in the OP.
Valley is not my game, so I acknowledge it's not going to be designed around my personal preference, but I find myself wishing for something somewhat in between 1 and 2. I found myself liking parts of the side scrolling experience in 1 better, and wishing 1 was much more interesting than it was on the overworld map. 2 modified the strategic part in the better direction, but the side scrolling part has become something I feel I have to "get through" (which is a severe determent to a game that appears to want to be focused around it). In Valley 1, I loved mechanic of exploring buildings and trying to be efficient, but I felt it was missing a strategic element (basically a clock) to enforce more choice in what and how often you dive into exploring. It was fun, but flawed, and instead of fixing it, Valley 2 seems to have just removed that aspect of the game completely. Diving into caves for perk tokens just doesn't feel the same.
The strategic changes are in the right direction I think. It kinda feels like a restricted version of the game Rebuild (
http://www.kongregate.com/games/sarahnorthway/rebuild). I wouldn't be surprised if that game was used as inspiration. The one-mission-dispatch-per-turn aspect seems to be meant to enforce strategic choice, but I think a problem with it is that you end up feeling like you don't get to be doing very much. You have basically three main goals you have to do your best to cover in one dispatch, positioning people for safety, positioning for passive bonuses, and doing the actual missions. I don't feel like you get a lot of value out of managing many recruits (just a bigger buffer away from loss). Perhaps instead of a hard limit to one dispatch, you can build up some type of "command limit" that can increase the number of dispatches you gain per turn, with the caveat that a single person can only be involved in a single dispatch for that turn.
I think I'd also like to see the "explorable" tiles be more of a decision than a no-brainer. For example, by having completing one actually count as a turn, just like destroying a wind-generator does. Of course, the "value" of doing so may have to be adjusted accordingly.
I think the game could use some adjustment on the time spent in an area. I'd prefer on the quicker side (I like moving things forward), which some areas line up with, but others seem to take forever to crawl through (especially ones with buildings for some reason). Dying near the end of these means that much more you have to repeat yourself through, and is very likely to trigger that "eh, I'll go play something else" feeling. That's not a feeling I should ever be having, I should be having the "one more turn" feeling. That's what remains to be captured I think.