Panty & Stocking reminds me of an Adult Swim show, except Japanese...
I've heard that The Powerpuff Girls was an inspiration too, and it kind of does feel like an Adult Swim Powerpuff Girls inspired show or something... it's got the 12 minute episodes of those shows, too. Except, well, made in Japan. I'd say "and weird", but Adult Swim shows are weird already, so it wouldn't be accurate... but it's got lots of sex jokes and bathroom humor, so yeah.
Essentially, for anime it's very, very nonstandard. Is this good or bad? I don't know, I'm not a huge fan of most Adult Swim-style shows... I did like a few (Robot Chicken, ATHF), but most of them, not so much. And I don't think I've found bathroom humor funny since junior high... yeah, it was kind of gross. But still, overall, it was amusing. It's not the greatest show ever, but it's definitely alright. I think the uniqueness factor (that shows like this so rarely come from Japan) helps it...
I mean, when I think of Adult Swim animes I've seen that even remotely felt, well, US Adult Swim show-ish, the top one I can think of is probably Super Milk-Chan, but as far as I know there really aren't many such shows. I wonder if this'll end up on Adult Swim sometime...