I think so, when looking at hosting a show sometime you are going to have a down fall at some point, that's with anything, not all is going to be great all the time. So yes he did a great job, and has been doing a good job at what he does.
Louis C.K. seemed to gain more confidence in himself and his performance this time on SNL. His lines were better delivered and overall he seemed more relaxed on stage. Because of this his comedic genius was able to flow freely and viewers could see the magic he brings to comedy.
Unfortuntely, Louis C.K. failed to boost the ratings of SNL when appeared again on the show. Audience figures show that even fewer people watched his second appearance than the last few shows in the series and a lot less than watched his first appearance on the show. General audience opinion seems to be that he wasn't funny enough or entertaining enough.
The star of the FX hit comedy show and one of the best and raunchiest, in your face, stand-up performers makes his hosting debut. Could be a classic given his interviews I have seen him do on Leno get multiple bleeps and major audience responses.
Fun is the musical guest on the sheer fact that they have turn out to be NOT a 1-hit wonder after all.