This is a surprisingly accurate description.
But otherwise, yeah, it's pretty much all the train-wreck factor.
It starts off insipid but silly enough to be watchable for the first dozen or so episodes. It starts to get a little stupid around the time Nina bangs the table, and then when they Geass Shirley/give Viletta amnesia, the show's stupid pomposity basically just starts crumbling from all the gaping plot holes and desperate attempts to write the show back into coherency -- all while trying to reconcile the stupid cutesy school bits with the naiive pomposity of the stupid WAR IS TEH BAD I WILL REVENGEANCE MY DAD CUZ HE R DUM angle. Mao ALMOST saves it in parts, but he's just one man, and he's up against a WORLD of suck.
The second season is pretty much just the smoldering remains of the first one, really -- punctuated by desperate pandering like ninja Sayoko, the one-episode-only amnesia for certain parties, and of course the return of Orange.
Geass is hypnotic because it's basically the Plan 9 from Outer Space of silly teenage robot anime -- it's the ultimate exercise in how NOT to write a TV series. It's a horrible, terrible train wreck, but it fails so spectacularly that NONE can look away.