I watched an episode of this a week when I was in college with a group of girls in our dorm rooms, and every week, we were amply entertained by the insanity of the story. The story is so wild, the characters so over the top, everything just so outrageous, that So Bad It's Good and Go Big or Go Home both equally describe this anime.
I assume it was pretty groundbreaking and unusual at the time of it's creation and inspired many anime's after it, so for that reason alone, it's worth checking out. But the balls to the wall story is honestly another great reason to watch as well.
No, I would not say this is a well-written anime. But boy was it a lot of fun.