I didn't comment much on the show itself after Episode 1 because I honestly wasn't sure if this show was more serious satire or more pure comedy.
After Episode 2, this show feels much more "pure comedy" to me, and so I'll give my take now. For a flashy anime comedy, it's pretty good and there's a fair bit of fun to it. It (perhaps ironically) makes me think a lot of a Key anime in the early going, just with better animation. Largely for that reason, I'm not ruling out the possibility that it might get a bit more "serious drama" later on, but for now it's pretty good pure comedy.
A few general observations:
1) The only person that seems to be giving Rikka a hard time about her Chunnibyou is, perhaps ironically, Yuuta (well, Yuuta and Rikka's sister).
Shinka didn't seem to really care about Rikka's antics in that one scene they shared, and Kumin is that sort of character that will roll with absolutely anything. Then there's Makoto Wingman, who lives up to both his name and his role by being 100% focused on how cute girls are, so I doubt he cares much about Rikka's Chunnibyou either. There's a definite irony in how Yuuta is afraid of being socially ostracized if he doesn't totally deny Chunnibyou, and yet none of his new friends in school seem to be bothered by it at all.
2) I'm kind of with Fred Friendly on the older sister. Wow, it's not hard to see how Rikka became the person she is if she's been getting ladeled all her life.
It would be a neat twist if Rikka's older sister
really is somebody in a shady role, like maybe Japan's equivalent of the CIA or something like that.
3) Rikka doesn't seem delusional so much as she puts an extremely colorful spin on everything. It was cute seeing Yuuta interpret her words, which did tend to point to actual issues, albeit in a highly exaggerated and fantasy-esque way.
Anyway, yeah, this is making me think of Key crossed with Denpa Onna so far. Interesting combination.