I won't be QUITE as horrible, but you'll still need about seven metric tons of luck to make it to round three. I've played two or three of the second round satellites, but never quite made it to round three. Basically, the structure is so extremely top-heavy and fast, and the play is so loose that if you don't get lucky and triple or quadruple your stack in the first 10-20 hands, there's just no way you'll make to the next round (from my experience).
I haven't tried it for a while just because I got tired of the "whack-a-mole" like registration procedure (where you basically have to register within 5 seconds of the tourney popping into the lobby to get in), but maybe I'll give it another "whack" one of these days. . . .
Anyway, good luck! (you'll need it. . . .)