Greatly flawed but still good I watched both seasons at once, over the last few days, so my review concerns the whole series. The animation and art style are brilliant. While some reviewers seem to mind the ridiculous breast sizes, revealing outfits and nude scenes, I think they lightened the mood and didn't feel out of place.
The storyline is slightly lacking, with many episodes relying on a single formula: "Lelouch creates an ingenious plan; all goes well, they almost win without effort; Suzaku shows up and everything falls apart". While the major plot devices, twists and definitely the finale are great, a lot of the story lines in many episodes seem to be merely fillers.
The biggest flaw of the show however, is character development. Especially in Season 2, so many people switch between sides, are conflicted about seemingly obvious choices or make decisions, that contradict what their previous behaviour would suggest. The most apparent example of this is Suzaku. He is created as the opposite of Lelouch, believing in ends never justifying the means and in following the rules in order to change an organisation from within. While I understand that it is not simple for the writers to create such a character, the resulting Suzoku is so over-the-top hypocritical and self-righteous it's painful to watch. It is hence very difficult to emphasise with him as a positive character.
The comparison to Death Note is obvious, as many other reviews have shown. In my opinion, Code Geass pales in comparison to Death Note. The latter is deeper, darker and has a masterful story and characters that feel natural. While the action and art style is superior in Code Geass, everything else is better in Death Note.
In conclusion, I still give this show 8/10 despite it's great flaws. It is beautiful, captivating and thoughtful. While not the best, it is still very good.