I want to get my two cents in on this and will likely not have time all next week so here goes . . . Be warned spoilers ahead.
This actually worked for me on two levels, thought not outstanding on either. The first was as a light comedy romance with only at the end the lovers paired up properly, or so that is what we are meant to conclude (more on that later).
The second level is as a social satire, and there the main problem is that, while it might have been daring and relevant when it was first staged (1894), now it is just a historical curiosity. Many of the social conventions that were its targets, romanticizing war, dueling for honor, and even attitudes regrading class distinction did not survive WWI. Another thing that detracted from the play for me is that I found it impossible to like or sympathize with any of the characters except Captain Bluntschli and Louka. The other characters I found to be shallow pompous asses. I would have preferred that Bluntschli and Louka end up married, a better match for both. That raises another point, I found it impossible to believe that Sergius Saranoff would have married Louka. Attempt to pressure her into a sexual fling yes, but marry her no. There really was no buildup in the play to suggest that he had developed any deep love for her, more that he was just an upper class horn dog that spotted an attractive servant he would like to take to bed, but that he considered below his class. I did find it amusing at the superior attitude Shaw took towards the Eastern Europeans regarding bathing and personal hygiene in general.