Yes, I'd agree with that. Windom Earle's a good antagonist, the last couple of episodes are fucking scary, and of course season three, had it been made, would've been fascinating, given the cliffhanger ending!
But there's so many irritating plot arcs in the second season.
Billy Zane's pointless character, Catherine Martell running around in a silly Asian businessman disguise, James' liaison with that Kim Basinger lookalike, and so on. In my opinion they're pretty much a waste of time and space compared to the equivalent soap opera elements of season one. It's quite hard to watch at times.