I think it is pretty clear that the books are only a guide and Jordan's story is not being told here, but having said that, Season 2 is many times better than Season 1 in my opinion.
The acting, effects, sense of scale and character development is in a different league.
I watched the 4 episodes over the last couple of days and unlike last season I felt like I could get into the story being told. Yes, it's not Jordans story, but there is a link to the characters and places nonetheless.
I'd love one day for the Wheel ofTime to be put on screen as Jordans story, but what this is will do as a view into the WoT world.
Of course, the last 4 episodes in the series still have to be good.
There were some very odd elements though, for example all the characters who looked dead at the end of season 1 (like Loial) just appearing in episode 1 with no explanation (unless I missed it) and Morraine taking on Fades and even Lanfear with no ability to channel. The end of episode 4 was a bit weird to say the least.
Lan remains a sorry excuse for a man and it's clear his character is going to be stripped of what he was in the books and turned into a bit of a weakling.
Nyneave is being portrayed much better in this season - as opposed to the all powerful Mary Sue she was in Season 1.
Elyas' character is well done, even with the changes and Ishmael really is the star of the show. Extremely well acted and portrayed.
Overall, little relation to the story in the books, but good nonetheless. For the first time I can see how this could develop into the kind of show that grabs the attention and imagination of a large audience as GoT did.