I really like this story so far. It is very entertaining; the writing quality is high, and very coherent; the author makes a serious effort to keep the characterisations, situation comedy tone, and relationships straight; and as a bonus it's a continuation-based adventure story, which is the type I tend to prefer as all the characters generally turn much more recogniseable than say restart fics, and it is considerably more enjoyable to see the characters then take off and interact with new environments and threats from that point, rather than strictly doing the same old infighting over and over (it can be fun when not the sole focus though). I also like Ranma & Ryoga cooperation romps. They make the best violent rivalry/Back To Back Badasses friends team in the series imho. (Although, say, Shampoo&Ukyo or Nabiki&Taro could be fun in the right hands...) By my standards there isn't particular Cerebus Syndrome, or rather the dark turns aren't played up enough for the reader to get depressed. Anyway, some of the Black Lagoon crew (Revy, Balalaika, and their opponents) obviously mostly read as borderline Complete Monster types, but they started out that way, the author definitely doesn't remotely sound like he agrees with them, and Ranma, Ryoga, and Ryu continue to stay reasonably true to themselves, so two thumbs up so far.
Fair Warning: The fic hits Cerebus Syndrome pretty hard in the latest arc, but as the author notes, it's rather to be expected. Given the fact he's aiming to reintegrate Gretel into the core cast. Apparently this was purposeful and it's going to hit a light-hearted arc next.