If I were to ask "What makes a show 'a masterpiece'?", the answers will probably vary between "there are a lot of factors..." to something a lot more specific like "The story!"...
My answer would be even more specific: "It has to be on par with Baccano!"...
So what makes Baccano so special?
Everything!
[Story]
Note: I'm not going to "rephrase" the summary given by MAL, I'm going to write my impressions on the story.
To say that the story is outstanding would be an understatement, objectively speaking.
The author took storytelling to the next level by telling three seemingly unrelated stories from different times (1711, the 1930s and 2002) that intersect through the characters and the events they involve, making it into one big masterpiece that I personally doubt will ever be outmatched!
One of the main themes, being Alchemy only adds more spiciness to the story, which is already a great one about the renowned Mafia!
One other aspect that I found pretty original is that there are so many characters that you will love enough you'd think they're all main characters to root for! I, for one, wanted to root for Firo, one of the MCs but couldn't stop my urge to root for the rest of the characters, sometimes even for the "bad" bunch!
[Art]
Being a relatively old show, I still find its art and animation great enough compared to newer titles of a similar genre. In fact, I think that the animations are so amazing that I dare say, if not for this combination (Art-Animation), I probably wouldn't have enjoyed the Anime as much. When a fight arises, and Firo starts kicking butts, or Jacuzzi's crew start throwing bombs and blowing stuff up... There's always a feeling of excitement that you can actually see in the characters through the well-produced and artful animations!
Also, there are so many characters, with so many different designs. Each character has their image, which is very well depicted through their design in addition to their personality.
[Character]
The best part yet!
I've already said there were so many characters you'll come to love! Not only because of their looks and mannerisms but also because of their backstory. This show didn't neglect this aspect under the excuse of having a handful of characters, no... It gave each and every character a background story as to why they have such a personality, and why do they have to act the way they do!
I'm not a big fan of flashbacks since they sometimes make things worse in a show- However, when it comes to Baccano, I could only confirm that my impressions (on flashbacks) were totally unfounded and groundless!
[Sound]
Starting from the voice actors, the special effects, to the classic mafioso music used in the show... Everything sound-related was great. To be honest, I don't usually notice anything related to sound when I'm watching an Anime (Maybe I don't care, I dunno) but the truth is the moment I started watching Baccano (the Opening of the first episode), I got so indulged in the story before it even began... You'll see... or hear?...
[Enjoyment]
I enjoyed the story, the way it was told, and how it ended...
I enjoyed the fights, the sounds, the art, and the animations as the plot thickened...
I literally enjoyed the show in each and every aspect that I re-watched it every once in a while... because it is that kind of a show... The kind that you will find yourself enjoying no matter how many times you've seen it!