You're always going to start at level 1 in any game which lets you import a save, unless I misunderstood what you were saying.
I don't think there's an actual list of what gets imported, but the devs have said characters from TW1 will treat you differently depending on how you completed some quests involving them. I imagine there's other bigger changes, but personally I like the little things.
--------------------------------------------------------------------------- "Remember the good old days when you could just slap Omni-Gel on everything?" - Shepard, ME2
"Not right now. Trying to determine how Scale Itch got aboard. Sexually transmitted disease carried only by Varren..... Implications unpleasant." - Mordin, ME2
Importing a save was never one of the big selling points, though, like it was with ME2 for example. TW1 didn't have any massive game-changing choices... the biggest was joining Sigfried or the Scoi'a'tel, but even with that choice the game still ended exactly the same way, except that characters would treat you differently on the way to the Grandmaster.
--------------------------------------------------------------------------- "Remember the good old days when you could just slap Omni-Gel on everything?" - Shepard, ME2
"Not right now. Trying to determine how Scale Itch got aboard. Sexually transmitted disease carried only by Varren..... Implications unpleasant." - Mordin, ME2
All I've seen so far has been some armours (the raven ones) which are notably better than what you start with, swords (D'yaebl & Aerondight) although while they were kick-ass in the first game, they are not much better than the swords you start with this time. And the princess is alive if you saved her (otherwise it's assumed you just killed the Striga).
For those having issues with importing a TW1 save file try this: load the autosave called Order of the Flaming Rose. Then fight the two knights and skip the cut-scene with the grand master you should now be at the Ice Fields, manually save the game there and TW2 should be able to detect that file.
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