Due to the nature of the series, some of the linked screenshots and/or cuts are somewhat NSFW. Though never explicit, I'd advise caution
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The apex and natural imaginative endpoint for 00s Gainax: they never shied away from gratuitous explosions and unabashed horniness, but never before with such little pretense towards respectablility. Panty & Stocking is a parody of American adult cartoons, its own Japanese creators, and eventually of itself: as such, it is as vulgar and crass as possibly can be, never not angling towards the next thinly veiled sexual innuendo or reason to take its characters clothes off. Its irreverent ideas are structured through vignettes and half-episode long segments which are, for most of the series, held together only by the faintest semblance of continuity through in-universe mechanics. Panty & Stocking was conceptualized on a relaxation trip after Gurren Lagann's production wrapped up, and one can confer this party-like energy within the chaotic amalgamation of interests,
references, and individualism. Breaking free from the chains of usual anime production, one could say it is the maximized id: a self-satisfactory (the show itself would call it 'masturbatory') and nearly therapeutic exercise in tastelessness, holding little-to-no consideration for contemporary acceptability. But if id is mere instinctual impulse, then it would serve to find a better descriptor for Panty & Stocking, for its
technical precision and
unrelenting audiovisual perfection is constantly apparent.
Gainax' last big bang features explosive yet effortlessly readable action direction by the ever-impeccable Hiroyuki Imaishi, who now evolves to incorporate bold SFX onomatopeia within frames themselves, further adding to the already perpetually overwhelming setting design. Animation direction for large parts of the series are handled by superstars Sushio and Atsushi Nishigori; the former's drawings are so strong that he's capable of conveying intensity even through chibi models, whereas the latter weaves in high-level horny illustrations whenever the production asks of him. Every segment is directed by yet another new auteur, with legends of the medium ranging from the ever-stylish Sayo Yamamoto and webgen pioneer Ryouchimo, to ultimate otaku Shin Itagaki and even the mythical Kazuya Tsurumaki: every one of these further supplemented by an enormous crew of accomplished animators who were either already industry heroes, or would later become that at Trigger or elsewhere.
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And yet, and yet... for all of its immense audiovisual achievements—and this is really beautiful, Panty & Stocking never doesn't look years ahead of its time, in no small part thanks to its exceptional CG integration—it's often only barely more satisfying than it is annoying. I find restraint a dirty word when it comes to the arts, but Panty & Stocking's form of excess, or rather one-note toilet humor, really grates over the course of its runtime. It's as if the complete disregard for acceptability didn't open up a world of possibility, but instead encouraged a specific, and ultimately limiting, dimension of humor and presentation. Some of these individual directors with their own strong visual identities become nearly indistinguishable from the works' most annoying inclinations. The latter half prominently features
the Demon sisters, the verbually abusive nemeses to the series' titular angels, who intend to berate, humiliate, and defeat our antiheroes, but always see their elaborate plans
blow back onto themselves. This feels like the most exaggerated emulation of American (adult) cartoons, but ends up being monotonous and thus kind of frustrating. Most of these episodes are ultimately salvaged by
legendary action and/or animation direction, but others like Shin Itagaki's
snot episode or Daizen Komatsuda's
game-show procedural moreso challenges the viewer's tolerance and patience to the barrage of similar jokes and deliberate uglification.
Call me a demon but Panty & Stocking is far better when it deviates from its own rrrules and self-proclaimed 'bitch' nature. The most pristine example is Osamu Kobayashi's episode 5B, where the late master of photography got a creative carte blanche to visualize the series' 'other city'; one resembling contemporary Japan more than the cartoon construct the series otherwise resides in. It is detached from the angels' performance, who appear only briefly, and uses cruder drawings to find intimacy in our unforced, daily 'ugliness' (read: beauty), and the acts of kindness that we perform despite our own suffering, to make the world a slightly better place ourselves. I cried for minutes after this episode because it's just too beautiful. Otherwise one could consider Kazuya Tsurumaki's 9B; where he plays closer to the series' established identity, but injects a sensitive romanticism through exceptional character staging and acting as well as montage, generating enormous pathos from ostensibly another stinky script. One must also pay dues to Atsushi Nishgori, whose remarkable and less-stylized character drawings and stunning, artistically mature storyboards recognize Panty and Stocking as malleable, vulgar rockstars, which reaches its climax in the MTV-worshipping music video at the end of episode 10—a performance one might recognize The Idolm@ster's Hoshii Miki in!
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If you have any apprehension towards the series because you might find it annoying, you almost certainly will. Its deliberate effort to offend viewer's tastes through overabundant vulgarity quickly becomes dull, and this repetitive mode feels like undermining this exceptional staff list's qualities and inhibits the freedom of expression this production could afford. The other mode of repetition though—that of Hiroyuki Imaishi—is constantly some of
the most creative and satisfying action kino since, well,
Gainax' previous outing. Panty & Stocking always looks great, fantastic, phenomenal, but only rarely is this truly
as bitchy as it feigns to be, and by abandoning its own modes and rules and letting the masters speak for themselves, is when Panty & Stocking is at its best.

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If you enjoyed this review you can check out more on my review page or on my anime blog.
I default to a score of 100 because Anilist reviews don't let me use my actual rating system, wherein I gave Panty & Stocking 4/5 stars.