Magento 2 features a drastically improved checkout process, reducing the steps from six to two, which enhances the user experience and can increase order success rates. The platform has made significant performance improvements, especially in loading times compared to Magento 1, emphasizing the necessity of fast page loads for customer satisfaction and revenue. Despite appearing simpler, the underlying architecture of Magento 2's checkout is more complex, requiring familiarity with JavaScript, UI components, and Magento-specific data management for developers.