Myriad Colors Phantom World, through the first two shorts in the novel, is definitely something that's meant to appeal to the late night crowd in comparison to Tamako/Euphonium. The setting has a good amount of interesting elements, but the characters themselves are a bit flat in comparison to Takeda's work. That doesn't mean the series composer couldn't work with these elements to make a more interesting story though.
Regardless of what the general thought is, I'm rather enjoying it thus far. It's definitely not the best written work I've read, but it's entertaining seeing it play out visually. The work definitely deserved an "honorable mention" instead of a greater prize. Hatano lacks the ability to effectively tell a story without shoehorning the setting in the short awkwardly. It kinda works in written form, but converting it to a visual format will be tough to work without new content.
I've got a good feeling about it, but I wouldn't say to go in with expectations for something greater than Chuunibyou/Kyoukai levels of production. It's not a deep story and doesn't pretend to be, so thinking it'll be as good as Euphonium will only set you up for missed expectations. It's something to make some money from and possibly give some experience to a young director like Ishidate/Ogawa. Should have some interesting action scenes, especially with Mai's power.