My brutally honest opinions on it is that its pretty bad. The fights bore me, the plot is laughably bad, Mako is the worst thing to happen to comic relief ever, and characters are 2 dimensional and flat.
Usually I really enjoy hyper-stylized action but this just disgusts me.
Fair enough. I really, really liked it, but I can agree with a lot of what you say. The plot really only came into it in the second half; before then, the plot "threads" that received disappointing development/explanation carried the show along nicely. Everything past the explanation of what Life Fibres were was decent at best, and the only reason I gave it that generosity is because of how much I did like the show and the characters.
Mako did grate, but I thought she was generally good if not great.
I thought Kill la Kill had a much better grasp of hype and energy than it did actually creating enthralling fight scenes. The final battle in space just sucked, and the only reason I enjoyed most of the others were because of the story they were developing. Episode 6 (Ryuuko vs. Sanageyama, rounds 1 and 2) was one of my favourites, but it had nothing to do with how exciting it was to see the clone tool in whatever they were using to animate the show abused or shinai flying acrross the screen without actually conveying the sense of speed or ferocity. If it weren't for the great direction, many of the show's fights – or its animation in general – would bore rather than suffice.
That said, I did think the show had some really good points (the characters' stories and development, most of the humour and at least some of the drama, and the show had a legitimate ability to draw you into its world). I can't in honesty rate Kill la Kill higher than a 6/10, but my personal enjoyment was much more than that.
Qui veut faire l'ange fait la bête.