A thoroughly enjoyable dive into a world of corporate superheroes, which drip-feeds the dirt and darkness in a way that keeps you hooked without feeling overly ridiculous. There are a lot of solid characters, and some not-very-subtle jabs at existing franchises, but the thing that really makes this work is that neither side is good or bad. Sure, you have Hughie and Annie in the middle, paragons of, if not virtue, then at least a generally positive moral compass. They take the actions that we would take, or at least want ourselves to take, whilst neither ever become true saints or outright sinners, nor fully lose the high ground (which is kinda impressive when Hughie straight up murders someone very early on). But everyone else is a complicated mess. Frenchie and MM are both addicts, in their own ways, with complicated pasts that we still don't fully understand by the end of the season. Maeve, A-Train, The Deep, they're all pretty awful people, but each has a glimmer of who they could be, if the world hadn't moulded them into arrogant, self-interested arseholes through a mixture of fear and adulation. And then you have Homelander and Butcher, two sides of the same coin, neither really caring about anyone else and yet simultaneously unable to completely forego their humanity, in spite of what they each believe. It works because you never quite know who to root for. Homelander may be the clear villain, but it's not exactly like Butcher is the good guy, either. It's a line the show treads well, and does so without having to get all emo-Daredevil about it, or overly obvious.
Of course, it helps that the plot is solid, the writing is generally quite fun, and the cast is great. Again, Homelander and Butcher are the standouts here, but there isn't a bad casting between them, and whilst the supes all get to act defiant and fairly lofty, the Boys more than hold their own against Karl Urban's gritty charm and "British" wit. The show isn't badly paced, either. It keeps rolling ahead quite rapidly, with major revelations every episode, but still finds a good amount of time for quieter character moments, which is no mean feat.
That said, it isn't flawless. The Deep's arc is a particularly weird one: from utter douchebag scum to comic relief. There's more than a hint of Jamie Lannister here – a character written in the first chapter as pure evil with no real means of redemption, who the author then decided they actually quite liked and tried to flesh out. The result is someone whose early actions feel fundamentally at odds with his later portrayal. I mean the sexual assault is still believable, but the assuredness of it, the cruelty of it, doesn't seem to ring as true.
The show also ignores some slightly odd world-building issues. So the Supes all believe that they're "chosen" by God, and yet apparently they're all American? There are none anywhere else? And none of them turn to crime or villainy? (Beyond the obvious evils of those shown.) Why isn't that being questioned more? And how hasn't a single physician or doctor cottoned onto the whole Compound V baby conspiracy, or are we to believe the entire medical industry is in on this? There's something about a conspiracy so large it can't possibly keep itself hidden in that. Plus, some of the character's abilities are a little, well, odd. Annie can redirect electricities into pure photo pulses (or so it seems) but she's also able to take an RPG round to the chest and survive? She doesn't appear to have super healing or anything else at other times, so what the hell is going on there? She certainly seems to fear Homelander and even Maeve, yet it appears she can't really be killed. Are all of the Supes bulletproof? The Deep doesn't seem to be, he can just breathe underwater and talk to fish (but also can propel himself out of water at great speed). There's more than a little deus ex going on to suit the story beats, which is largely fine but it slightly makes Homelander less of an issue. If the Supes can't really be killed, is he that big of a threat?
These are minor niggles at best, though. Honestly, my biggest sort-of disappointment is that I've postponed watching this show for years because I thought it was going to be ultra-violent and kinda gross, but strong language aside it's not that bad. Sure, there's some guts and blood, and it can be a little gratuitous, but for the most part this is used either for comedic effect or to hammer home just how brutal this world would actually be. I'd say Daredevil actually showed worse; The Boys tends to do the curb stomping off-screen and just show the splatter afterwards. Don't get me wrong, I'm glad it isn't a gorefest, I just wish I'd started watching it sooner.