Watch the second season to keep up with the story, but don't expect it to be on the same level as the first season.
The story begins quite strongly this season, with our crew beginning the reconstruction of Liones after the battle with Dreyfus and Hendrickson. Each character is developed more along the way, as we begin to glimpse into the pasts of Meliodas, Ban, King etc. As the title suggests, the Ten Commandments are the main villains this time around, and their arrival forebodes a great war. The show does a good job hyping up these fearsome villains, but somewhere along the way the show becomes distracted by too many side plots. Diane's and King's arc this season are downright frustrating to watch, and while there is a beautifully animated "big fight" towards the end of the show, the last 4 or 5 episodes were pretty awful. You can literally feel the studio running out of money at this point. The pacing starts to lack direction, the art quality drops a bit, and none of the "hype" action scenes seem to carry that impact.
MINOR SPOILERS: As a side note, the introduction of power levels was unnecessary and detrimental to the show. The point of shounen is to SHOW people's power through their interactions with other characters or the environment. The fact that several characters were able to just see another person's power as a number completely takes away the magic of this genre.
Objectively I don't think this season was bad, but the final episodes of this season were disappointing.