There's a great college humor video about the basic plot breakdown for every season of Entourage. The video does an excellent job of making fun of the fact that each week the show boiled down to one of two pretty predictable outcomes "we're making the movie!" or "we're not making the movie!". As much as I loved and still love the series (I hated the movie), I've always felt that this assessment was dead on.
Silicon Valley can be broken down similarly, and I think Thomas Middleditch might even agree - he happens to play the Eric Murphy character in the college humor Entourage spoof :-) The basic formula for Silicon Valley seems to work out to either "the company is going to make it/the company isn't going to make it" each week. I'm guessing there's probably a coin toss at the end of the season to decide whether they want to go out on an up or down note, but these are essentially the basic outcomes that each episode revolves around. For this type of show, I'm fine with that because like Entourage, the stuff that happens each episode is what makes it great. The structure and outcome may be simple and somewhat predictable, but great writing and characters make it all work.
Overall, I think the show has improved quite a bit from season one. Like most good shows, this one took a season or two to find its feet. The characters are well drawn, its voice and style is well established and it does a really amazing job of what it always had down out of the gate which is lampooning the hell out of startup and tech culture.