I do like Season 2 but it just can't get on the level of Season 1 for me. I actually stopped Season 2 and ended up rewatching it several months later. There are some extremely powerful scenes in that season though, and I think Colin Ferrell is terrific.
Season 1, like our friend above, is one of the best seasons of television I've viewed. From the storytelling to the themes to the acting to the cinematography, to the way everything plays out years after it all began, it's just terrific tv-making at its finest. It might also be because I'm more partial to the backwoods swamp crime than I am the big-city stuff. Both seasons are quality though. I have yet to watch season 3 but plan to get to it eventually.