What I Liked: Brilliant job on the visuals. Symbolism and surrealism out the wazoo. The Takarazuka Revue parodies. Each of the main characters is fleshed out through mostly backstory. Miho Arakawa as Himari. All the opening and ending themes sounded wonderful. Amazing writing keeps the truth hidden until absolutely necessary and makes for some truly surprising reveals.
What I Didn't: Suspense of disbelief needed for one of the major plot points (and surprisingly it's not the whole Penguin Hat thing). The second half becomes heavy with new reveals and plot-twists. Got sick of the "Transformation Sequence" pretty quickly. Point off for a "Dream" ending disguised as a retcon. Mario almost seemed completely unnecessary.
Final Verdict: "Elaborate" doesn't even begin to cover this beautiful and confusing series about fate, love and loss. Full of symbolism, riddles, plot twists and complex characters, Mawaru Penguindrum does a brilliant job of meshing the humourous, the surreal and the downright metaphysical to create an interesting and lively story. On My Favourite Anime of All Time List.