Make no mistake: this series is all about fanservice. Highly detailed panties, cleavage, etc. This series can best be described as "style over substance." There's a story here somewhere, but it's best not think about it too hard. They don't give a lot of background on the Romance of the Three Kingdoms (on which this series is loosely based) so it's easy to lose the details in all the panties. I mean, how is a guy supposed to keep track of people who died 1800 years ago and of what's going on in the present while not being distracted by the fanservice?
My theory on the excessive fanservice is that it must be there for comedic effect, though it often misses the mark. But make no mistake, this show would be a very heavy series without the fanservice to remind you "hey, don't take this show so seriously." The panties go a long way toward distracting you from not only the incomprehensible backstory, but also from everybody getting the crap kicked out of them.
For those who are looking for a point of reference, I can't help you much. This series is very hard to classify. It's not quite like a fighting show, a comedy, or a drama. It does take elements from various series and meshes them as well as can be expected. The main character, Hakufu, is somewhat like a female Goku from Dragonball: loves a fight, but not very intelligent. In a suprise move, there's even a lecher. Ok, it's not really a suprise as there's a sterotypical lecher in nearly every anime. Dragonball had master Roshi, Burn Up had Yuji, Inuyasha had Miroku. The suprise is who the lecher is: Hakufu's mom! Very funny.
If you're looking for a good story, keep looking. If you're looking for social commentary, keep looking. If you don't mind fanservice and love action, then this might be for you. The series is extremely well animated, and the story, such as it is, is told fairly well. Luckily, the backstory is largely irrelevant. The Romance of the Three Kingdom stuff is good to know, but if you don't know it already don't worry about it on your first viewing of this series.