I think one of the biggest problems is the tone. I think quirky is an apt way to describe it if I were being kind, inconsistent is another. Being constantly thrown back and forth from wacky slapstick comedy to serious plot is just irritating. I don’t think it would have hurt the series to lose a few of the comedic moments. The other major flaw is that Black Cat goes downhill rapidly after about 10 episodes. I would say episode 11 is the beginning of the end. The plot just seems contrived after this point and the ending is rushed and just plain terrible. It’s disappointing to see this happen to an anime that started off so strong.
There are a lot of positives to Black Cat. Action scenes are fun and suitably over the top. Characters are likable and memorable with good quality voice acting. And for half of the series at least, the story solid and imaginative. Even though the ending isn’t great it is still entertaining to watch and not a waste of time.
A more detailed review can be seen at: http://nikkimanga.com/black-cat-review-anime/