The first story arc is a cute little story, and frankly the lead characters seem a bit annoying and cliche. By the time I got into the second story arc, I realized that this was something special and I had never read anything like it before.
I think it is perhaps the best example I've ever seen of how the comic book can be the ideal medium for telling a narrative. This series is just an amazing story, but it's hard to imagine how it could be captured in another medium (perhaps a long running television show or series of movies).
The major strengths include:
1. Terry Moore's artwork- clean, crisp, clear, fun. Does an amazing job with facial expressions. The women in the series are sexy but of realistic proportions (well, except for Tambi and Bambi, but they are out of proportion in a way that is atypical for comics)
2. A great, complex back story, intermixed with enough small stories to keep the pace moving. It reminds me in many ways of the first two seasons of Veronica Mars, which now that I think of it is probably the most comparable narrative I've come across
3. Interesting characters. By the time I finished the series, I had a real sense of not just Francine and Katchoo, but also Tambi, Casey, David, Freddie, and even more minor characters like Griffin and Francine's parents. I came to care about these characters like old friends.
Just an amazing series.