This production mainly concentrates on style and quirk rather than substance. I am not familiar with the source material, and was mainly watching this out of interest as I had heard of it, but I would have thought this aspect was in keeping. Just taking it on its own terms it had an off-beat quirky feel which I liked. Initially, all the characters are presented somewhat superficially and many of them simply as caricatures in an exercise in style. However, as times goes on some of them break out of this and become more interesting and engaging. One cares what is going to happen to them. Some continue as caricatures but are there to be played off or as a backdrop for the more rounded characters. The ambience of an apparently decadent Tangiers of the time sets off the characters perfectly.
There is definitely a story arc and character development. I cannot understand the reviews denying this. I can only presume they didn't watch the whole series.
I can understand the gratuitous quirk and eroticism putting some people off early on, although this element is surely clear from the trailers and description so not sure why they would be watching it in the first place. If it does not put you off then I would definitely recommend watching this to the end before making up one's mind. It is not brilliant or profound but has charm and I think it all makes sense as a whole.