I am putting the conclusion first for those who do not care about details: this is a typically solid '80s series, one more focused on fun and action than fleshing out deep character qualities. It has a lot of foibles, but nothing that should keep you from skipping the series if you like action and adventure focused anime.
This series is kind of like what you would get if you took Space Captain Harlock, but if instead of going the route of incredibly self-serious and subdued it went for of goofy and flamboyant. You can see the difference really starkly comparing the flashbacks, where Cobra has long hair, talks much more seriously, and the music becomes more dramatic, with the less serious present where Cobra looks goofy.
I first became excited by this series when Cobra was thinking really hard about his past, and then suddenly the art zoomed into a box like 1/12th the size of the screen with his face, resembling a mirror I guess, and then this randomly propagated five times in a diagonal line. I became even more excited when the first climactic battle scene had soft jazz playing, which was surreal and hilarious. It is the little details like this that make the series great if you watch out for them, and it is refreshing to have a series where the humor relies on wit instead of events like random school chase scenes (Code Geass) or how much food someone eats (too many anime to even try to single one out).
As you can see from the summary, the series has three really nice arcs, with some shorter one shots and the like at times too, which gives you three different thoughtful stories. Fans of anime that really ramp up just how incredibly evil and malicious the enemy empire is might be disappointed here, since the main foe (The Guild) is, for the most part, more of an entity that Cobra is constantly annoyed by rather than a big bad that is so evil it must be taken down at any cost.
Regarding character, Cobra is unfortunately a little too much of your typically invincible hero. You never feel any urgency of a possible loss for Cobra, and indeed none ever comes. I do like how this series approaches the morals of the characters. The girls are sexual instead of sexually indignant all but once, taking compliments in stride even if they turn Cobra down. Although Cobra tries to generally save people, he certainly has no qualms about killing them. I think this is the first time I have seen or read anything like this that the hero does not constantly puzzle the moral quandary of whether or not a bad guy should die.
One rather large character problem is that Cobra's sidekick, Lady, basically has no reason to be there. Lady either sits around waiting to rescue him when he finishes kicking ass, or she gets captured, giving Cobra motivation to kick someone's ass. This is probably not a series to watch if you become upset by subtle/overt chauvinism (whichever you would decide this series has).
The voice acting is around the high quality level of any well funded '80s series. The music is never bad, but the main climactic theme is overused. The music is probably most exciting in any club scene, where the anime rather charmingly struggles to futurize '80s club life.
The art is not the best art ever, but it is rather consistent. Rather amusing is that before commercial breaks and at the end of episodes the art becomes bolder and sketchier to try to strike an emphatic capturing of the boldness that the audience should be feeling...when often it is not really there.