No, this encompasses every single reason I hate anime. I remember watching this at a friend's house and thinking "Wow, something worse than FLCL. I'm impressed."
We're on completely opposite ends of the opinion spectrum. This and Redline encompasses every single reason I like anime. Or at least is a more modern example of why I was excited by the genre in the 80's and 90's. Style. Energy. Visually interesting.
The plot here is just one big mcguffin allowing the artists/animators to let loose with a pretty unique style (for Japan). It's a pretty jarring contrast to the genre's current norm, which is a lot of still pictures panning while characters monologue about their awkward adolescent feelings.
Man, I really love Imaishi's over-the-top, psychosexual Looney-Tunes visual style, but I admit, he's kinda hard to take "unfiltered" like this for too long at a time. I'd still rather have two hours of his distilled craziness over ten seasons of unintentionally creepy, boring UGUUU~ garbage, though.