Weekly release, episodes release one week from each other. Supposed to be simulating a TV show. It sounds weird on paper, but with Raid Mode stuffing and a lot of unlockable modes for each episode (Invisible Enemy Mode, Countdown Challenge Mode) there's a lot of content in each episode, and the release keeps the game interesting and easier to dive more into all the unlockables.
And also yes, episode 2 was really good in my opinion. The boss fights in episode 2 may actually be some of the best in the series, had the right levels of "OH SHIT" moments, high tension, challenging (I played on Survival difficulty), and were varied, fun, and strategic. They also weren't overly cinematic to be dull fights, and relied on good design and pacing instead, so a huge plus. Also as two of the bosses appear not with cinematics, but just gameplay.
Revelations 2 I will admit, two episodes is, is coming out much better than I ever expected it too. If they can fix up some of the PC performance issues, then it'll be an easy recommendation.