Just read some discussion on 4chan, Someone pointed out that Ryuko has a red strand on her hair; and banshi are a single red strand as well. It'll be interesting if that turns out to be important.
Anyway think I've made up my mind; this was a pretty average episode, especially coming off the back of episode 10. I think the strongest point of this episode is all of the speculation that this episode has brought but this episode by itself wasn't all that great.
The first half of the episode was incredibly boring. As much as I liked the second form of Nonon's uniform, I feel like nothing of value would have been lost if it hadn't been there. Even the use of classical magic was really crappy compared to last episode, I thought it was better implemented there (where the music lined up with the fight) while here it was just playing in the background with no rhyme or reason.
The second half of the episode was much better with a lot of big developments and while it succeeded in getting me hype for next episode, I still found it pretty boring to watch by itself (I know it is absolutely awful to rewatch since it's 90% exposition). Also the speculation of Nui being Isshin's actual killer was a theory I hope wasn't true just because it feels like such a big cop out.
And I have to say, Ryuko's rage face doesn't make me feel very confident she's going to win because 1) she's been standing around with Yamcha (and probably caught some of his jobbing), 2) Nui will be the epitome of jobbing if she loses here and 3) the last character to make a rage face just lost...
Have to say though, the Revoc's theme is incredibly awesome, probably the first track so far that has been memorable for me. Also, Nonon in pants-less gym uniform :3