Bakemonogatari reminds me of Lolita by Vladimir Nabokov. It uses the medium of harem, which often involves pedophilia (viva Humbert Humbert!), to delve into the psychology of its interesting characters, inundated by puns and wordplay. I have never seen such strange and compelling dialogues and characters. They are so markedly interesting that the overall experience of this show overshadows all of its faults.
The animation is not as fluid as Space Dandy's, but its conscious usage of PP slides and strange shots manage to salvage it. If I have a bone to pick, it would be the music. The opening and ending songs were okay, but the music throughout the actual animation was very uninteresting.
If I have to summarize my review in two sentences, it would look like this:
Bakemonogatari is a mind-trip, and its extensive wordplay will make you want to learn Japanese. It may not be everyone's cup of tea; but, if it is, then be prepared for a hell of a ride.