I love both seasons, and I agree with your assessment. One thing to realize is that when the episodes were first coming out, due to the subbing situation, we really only got one episode every month to two months at the later episodes. So the fact that the show lost a lot of momentum in the second half of the first season was lost to most of /a/.
Season 2 doesn't suffer from anything like that, though. If anything, it gets crazier and better in the second half.