This season is pretty much the same as the first one. In fact, they're so similar that if you showed me a random episode from the series a few months from now, I'd probably have a difficult time placing it. So even though that's likely enough information for most people to make a decision about whether or not to watch this, I'll go through all of the points anyway, because I feel like this show deserves at least one proper review. Story - The overall story revolves around the characters trying to get stronger in order to defeat Pharsalia, who appeared at the end of thelast season. But the show still mostly follows the same "Arthur of the week" formula as last time.
Art - I kind of like this show's look of an alternate history England that really has no interest in being accurate to anything. I think it contributes to the ridiculousness of the show and gives it a fairly pleasing appearance. The animation I would simply call "average".
Sound - I honestly can't tell if the soundtrack is any different from the first season, but I found it to be generally decent. I recall a few tracks getting used multiple times, but I never really got sick of them. Actually, I feel like this aspect of the show also kind of contributes to the ridiculousness of it.
Character - The characters are undoubtedly the main reason I watch this (or any, really) show, and that's because they're simply a lot of fun. The relationships between Dancho and the rest of the characters, and between each main character and their fairy, are the highlights of this season. There's bits of development here and there too, but it's mostly about the comedy.
Enjoyment - This is the kind of show you watch when you want to turn off your brain for 20 minutes to enjoy something stupid and fun. As long as you don't go in expecting some kind of serious plot that's completely different from the first season, you'll probably enjoy it like I did. That being said, there are a few serious moments sprinkled in there too, and I think they also work well enough.
tl;dr If you liked the first season, you'll like this one.