I haven't read the manga, but from what I hear, a full format would be too long, though I personally think a bit longer would have done the manga more justice, as it would give the studio more time to tell the story and build the characters.
They seem to have gotten the bare essences down, but a bit more exposure in between scenes wouldn't hurt, so it would probably have been better if the episodes were something like 10 minutes, rather than 4.
Given the censorship, I'm debating whether to continue watching, or wait till the BD comes out.