This manga is not as episodic. The plot is event-driven and not character-driven, but there actually is a (rather complex) plot. It manages to keep the witty commentary on the status quo as well as other mangas through Kanoko's POV.
IMHO, I think this manga is weaker than its prequel, simply because there is much less character development, despite the fact that it has an actual plot. It's got a lot of shoujo fanservice (because of Tsubaki) and tons of comedy, but it's not spectacular. The only thing that saves it from sinking below the depths is the exploration of Tsubaki's personality. Even though the development is minimal, it's nice to see what he's thinking all the time, especially in regard to his hopeless crush. The only problem is, by adding this huge smattering of romance to the plot, the author essentially cornered herself because of the heroine's rather cynical personality. I really cannot see this proceeding smoothly or realistically. Maybe some sort of epiphany will occur?
By the way, I should clarify something. The female lead is not stupid. Neither is she dense. She's just not aware of the effect she has on others. At all. Take Momoka for example. It took forever for them to become friends (both ways, mind you) because she did not realize nor accept the girl's sincerity. Ironically, she is wonderful at picking up on the feelings and intentions of everyone else except her own. (And occasionally, Tsubaki, but it's been shown that she mostly gets him, despite the fact that his obvious obsession with her confuses her).
Overall, it's a nice piece. Not great, but funny and cute and sincere. Far better than the average shoujo, but falling short of any sort of masterpiece. While its prequel was a witty commentary on shoujo cliches, this one attempts a plot drenched in romantic comedy, something that both helps it and hurts it.
If you like shoujo, read it. If you hate shoujo with a burning passion, I'd suggest just reading the prequel and then judge based on that. This sequel has made a return to shoujo roots.