I'm sorry to disappoint you, but Madoka Magica is an unalloyed masterpiece.
I was "eh" at Episode 1, "hmm" at Episode 2, and by the end of Episode 3 I was fully engaged, entirely absorbed, and giving it my complete attention.
The ending explains too much and drags out a bit. I recognize that's cultural in many ways. It's also entirely necessary to start it the way it does - slow and banal - in order to entrench the viewer in its world.
I'll be watching it again, and watching it again soon. I would say it doesn't just rank highly amongst Anime - it's easily the best anime I've ever seen - but highly amongst television. The plotting and story are absolutely top-notch.
Thanks for the recommendation. I was completely blown away.
EDIT: mk - it is breaking my heart that I cannot embed this gif.