A global conspiracy plunging the world into chaos, with the fate of everything hinged on finding the answer to a single question! Unfortunately, 20th Century Boys doesn't seem to have been written with an answer to this question, and so the whole thing feels like an empty promise.
The story is extremely engaging and constructs an elaborate conspiracy rich with intriguing characters and dark secrets. With each mystery solved, a dozen more take its place. The further you read, the less you know, until the situation becomes so desperate that the fate of the entire world is at stake. Through it all, everything comes down to the one question we've been asking since the beginning: "Who is Friend, and what's his motive?"
I feel it's my responsibility to let you know (without spoiling much) that the "big reveal" will occur in literally the last 5 pages of the final chapter, and it is the biggest ass-pull I've ever witnessed. No foreshadowing, no plot relevance, just something completely inconsequential which "resolves" the central mysteries with a handwave. This leaves a very bitter aftertaste, since the manga endlessly teases at the 'big reveal', literally every few chapters, building up our expectations so high despite having absolutely nothing to offer.
That said, the story is still extremely entertaining. The characters are memorable, the story is engaging, and the artwork is unique and full of expression. The story evolves through shifting character focus, a setting that changes drastically, and the ever-deepening mystery at its core. Despite that mystery having an utterly boring and anti-climactic resolution, it is still intriguing all the way to the end.
It's a surreal mystery that combines a level of realism that is unusual for anime with an utterly absurd premise, which succeeds in being simultaneously a wacky comedy and a dark thriller. The execution is nearly perfect; it knows how to tell a gritty, dramatic story that never holds back from putting its characters through hell, while also embracing its goofiness to have a consistent layer of humor and crazy premise. This aspect of the story weakens, however; as the circumstances gradually become so far-removed from reality that a suspension of disbelief is impossible, while being told that everything happening is the logical result of some mundane event from the characters' childhood.
As long as you can manage your expectations for the ending, this is a fun read. It is emotional, compelling, and complex. The important characters are unique and multi-dimensional, and develop throughout the story. The plot is far from cliche or predictable, and never stays in one place for too long, even if that means is goes to some pretty ridiculous places. The constant teasing at the 'big reveal' becomes obnoxious and is unfortunately the driving force of the plot, but the story mostly manages to stand on its own despite that.