Watch the other OVA for context. You don't need to, but it certainly helps. Anyone can jump into this and enjoy it as a random battle royale short.
If you're already a fan of Date-A-Live, then your enjoyment will vary. I love Kurumi and DAL is great when it comes to grandiose epic fights, but I couldn't tell you what happened. There's a blonde girl who also has clock eyes. She might be the boss of the stage.
It's good as a commercial for the light novels and it got me hyped and hoping for a season 4. If that isn't enough to get you watching, then go read other reviews or decide for yourself.