This series is definitely a lot of fun with interesting main and side characters, fun episodic plots, and an engaged fandom putting out interesting side material at a rate that most series could only dream at. This series might be a little overhyped, but that's only because of the sheer magnitude of hype that has been generated. The animation is enjoyable, and the show definitely earned its periphery fandom.
I have three big gripes, though.
One: The fandom can be a bit too rabid. I find the Fridge sections filled out with every little quibble that could supposedly form a connection (or writing stuff that is explicitly stated in-show making the "Fridge" part indicate they weren't paying attention), every minor action heartwarming, awesome, tearjerking, nightmare fuel-inducing, or funny, every minor moment of confusion being turned into a Dethroning Moment of Suck.
Two: The heroes routinely get away with behavior that would be considered destructive and criminal in most cases, and massively jerkish in most other situations. I get that they're supposed to be national heroines, but I would like to see that being presented as the reason people put up with their mischief when they get out of hand, combined with certain quiet points of resentment by people who get steam-rolled.
Three: The depiction of jerk-level antagonists, characters who are meant to stir conflict by being jerks (Gilda, Trixie, Prince Blueblood, Diamond Tiara, Silver Spoon, etc). Maybe I've read too many of Limyaael's fantasy rants, but I hate characters who solely exist to make another character look good. It's boring, and cliche, and a wasted opportunity on a series that gets touted as having multifaceted characters even though I'm getting characters that I can charitably call two-dimensional. As a result, I don't look forward to episodes that prominently include them because I feel the writers are just passive-aggressively dealing with their issues from elementary and high schools.
Still, once I get past that, I definitely recommend people this show, though I am not enough of a fan to openly admit it in real life.