I'm a hardcore Gundam Fanatic, and I gotta tell you... I'm tempted to view this in the same light as G Gundam (And I thought that series was pitiful).
The fact that's it's so radically different from the "One Year War" series, (08th MS Team, 0080, 0083, MS Gundam, etc) and the similar Alternate Universe Series (Gundam Wing, Seed, etc) will make most diehard fans of the series take an immediate dislike to it. The fact is, they could have taken ANY running anime series, chibified something it heavily focused on, and made this series.
So before I confuse anyone, I hate the idea of Super Deformed Gundams with the ability to speak, make friends, eyes, etc. Just seems to sway a bit too much from what the MS series originally portrayed.
After seeing the series, though, I cannot deny the animation isn't half bad. And if this sorta thing is your cup of tea, then I'm glad someone is able to enjoy it. I haven't exactly watched enough to see a storyline developing, so I can't comment on that. Everything else looks fine, looks (for all intents and purposes) to be a good Anime.
Just don't expect the Techie Geeks who study Gundams and Mobile Suits as if it were part of their day to day life to take an instant liking to this series (Unless, of course, they're extremely open minded, or have broad tastes).
So in the end, I suppose it's just a matter of taste. Looks fine, it's just that the concept may drive of some people.