[spoilers ahead]
Finished the second season last night, and frankly I felt it was a disappointment. The first season was fun in a campy kind of way, had a plot line throughout the season, and while there were certainly nods to classic musicals in its elements my husband who didn't know any of them could still follow along and enjoy it. This one... meh. I felt like it was really just some musical theater nerds writing a mash up of their favorite things, where they couldn't miss anything, so instead it was just a weird mash-up of randomness. (Like, spoilers, but I expected the murder trial to be the full arc of the entire thing, Chicago style... then when he gets free in like episode 3 I was pretty wait what, what's gonna happen for the rest of it? and yea it just floundered around.)
Take the example of throwing Hair and the hippies in with Chicago. I know they were written roughly contemporaneously. Do they make any sense at all in the same universe, unless you're really into musical theater? No. Would have made far more sense to save Hair for a season 3 when you can do all the starving artist themed shows like Rent and A Chorus Line in one swoop.
Anyway, my main impression of season 2 was it sucked enough that all I wanted at the end of it was to rewatch the first season. Probably not a good sign.
Yes, I have a life. It's quite different from yours.