The Good...
The art is great, the fight scenes are great - very few corners were cut. The dub is not quite as good as say Cowboy Bebop but its very good. The plot gets better as the anime progresses. Despite many cliche's the whole thing is really quite interesting (and I have been watching anime for 15 years). Also, the soundtrack is really quite fitting. The writing is actually quite sophisticated, though not quite properly produced. It also has decent English jokes.
The Bad...
The first episode doesn't make a bit of sense because it lacks context. The following few episodes do far too little to progress the plot. The overall pacing is too slow. The plot takes way too long to pick up. The whole thing has been entirely done to death and is cliche'd beyond reason. The writers try to be artful but the production fails to live up to the potential. For a horror anime it fails to be at all scary or particularly gory, which is either a good thing or a bad thing depending on your perspective.
The End...
Overall, I feel that the good outweighs the bad in this series. Everything here has been done before but its all done quite well this time around. Everything that it does poorly is countered and even subdued as the plot progresses but you have to be patient enough to see it through.