I think alchemy as a magic system is really neat. I like when magic systems feel like they actually have limits and rules. The “law of equivalent exchange” gives a certain amount of limits which make it feel not arbitrary. It’s also cool when they do stuff like break down compounds to gain an upper hand in a fight. They hinted at a deeper structure especially with respect to alkahestry, which wasn’t really meaningfully explored, which is my only big complaint in that area.
The characters are all pretty fun and/or interesting. I especially like how they turn Scar from a seemingly one-note villain into someone who gets meaningful character and plot development over the course of the series. I will say that there’s a lot of random soldiers whose characters were a little too generic for me to remember, but it didn’t take away from anything either.
The plot is overall well done. I think it has good pacing and sets up good stakes that feels appropriately difficult while the resolutions don’t feel too arbitrary because everything (for the most part) is well set up. My biggest complaint is that Hohenheim pulling out “actually I have my own Philospher’s Stones in a circle around the country!!!” is a bit of a deus ex machina.
I finished the show wanting to see more, which is honestly a lot better than the opposite. I would love a Legend of Korra-style sequel series which explored the setting more.