I don't hate it, but I can't love it the way I did last season, or the second half of the first. Honestly, it feels like the first in levels of quality, but during the first season the quality was rising, now it feels like its floundering. Also, I don't understand the people who say "just wait, they'll pull it all together and it will have been worth it." For me, in TV especially, it's all about the journey. No matter how great the destination, numerous episodes of jarring character shifts and unexplained actions hurt the journey badly.
Choices that I understand but don't like:
-Sara dying
-Thea being Merlyn's groupie
-Laurel hiding Sara's death from her father
-Oliver coming back so quickly
Things I don't understand at all, and therefore hate even more:
-Oliver being stabbed and tossed off a cliff, followed by an actual CG sequence demonstrating how dead he should be, then going 'LOL, he's pretty much OK'. If you don't have a convincing solution to a problem, don't write the damn problem.
-Oliver defending Merlyn 'for Thea' back before Merlyn showed him the blackmail video
-Ray being introduced, being awesome, then being mostly ignored for the majority of the first 9 episodes
-Laurel, despite hiding it from her father, telling her mother and Thea (!?!?!) about Sara's death
-Thin characterisation for Ra's and the LOA (apart from Nyssa)
-Brick's fluctuating power levels
Things I actually do like:
-More of Roy and better Laurel (though both only really happened in the Canary trilogy, so I'm concerned about how well they'll maintain it)
-Brick's presence as a threat
-Ray Palmer
-The flashbacks, though the material is thin and only really grabs me every other episode
These are all off the top of my head, there are probably more things in all the sections. End of the day, I'll still watch the show, but I have a lot of free time and have quite a low threshold for quality. That low threshold doesn't stop me from complaining about it, especially when a show has demonstrated that it is capable of better.
The Olicity stuff meanders between all three sections.
EDIT: As a sidenote, I think that one of the problems with Ra's and the League as compared to Slade is analogous to the sophomore slump of authors and musicians. Slade was the culmination of two seasons of flashbacks and some present day stuff, Ra's was rushed out in a few episodes. We even saw more of Merlyn in season 1, and his personal relationships with the main cast made it easier to fill out his character. With Ra's, we've seen maybe ten minutes of him at the most. This is one of the reasons that using Ra's and the League as antagonists after killing Sara is that they got rid of their most interesting link to them (I mean, the whole Batman Talia angle between Sara and Nyssa would have been great); using Sara flashbacks to show us more of Ra's and the League would make them much more real, and I hope they can at least give us more Merlyn flashbacks to do the same job.