Very, very moderate (2-2)
I believe the answer is:
so-so
'moderate' is the definition.
(thesaurus)
'very very' is the wordplay.
'very' becomes 'so' (both can mean 'extremely').
'very' becomes 'so' (both can mean 'extremely').
'so'+'so'='SO-SO'
(Other definitions for so-so that I've seen before include "Only moderately good in repetitive way" , "Neither good nor bad" , "Native of Seville" , "Rather middling" , "Of middling quality" .)