The magic is gone really. The episodes are shorter, it's increasingly obvious that the choices don't matter at all, the characters aren't nearly as memorable and what little actual gameplay/puzzle solving that the first game had has been entirely abandoned. There are sections where you leave a cutscene, walk forward for about 20 feet and then another cutscene takes over.
Also, while this won't matter after today, I personally felt the discussions surrounding the episodes this time around were far less interesting than season one. The excitement just seems to have dropped a few notches. Either because of the lower quality or because people know that choices don't matter.