Long time lurker, but I like Majestic Prince enough to feel encouraged to actually post. Sad that it's not getting more attention, but hopefully it being 2 cour will allow more people to hop on board!
Like Triple_R and others have said, heart is definitely something Majestic Prince has going for it in spades. It's also clear that everything about this show will be focused on Team Rabbits - their personalities and interactions with each other. That makes for an easy drop/follow test - if you can't buy into the characters within 3 episodes, if you think they're too cliche, then I don't think the show's going to work for you. I myself am loving it - the chemistry between the five feels genuine enough to me, and there's still room for their personalities to grow. Plenty of room actually, considering their memories were wiped prior to the start of the series.
And it's that point that I think makes the graduation (in Ep 6) feel more poignant (to Team Rabbits) than to us the viewers. With no memories prior to entering the Academy, I would think that what little time they had there was that much more important to them, since that's all they had. Also remember that they're graduating early, so they're not even getting the full school experience. Unfortunately, that's a hard point to convey to us the viewers, short of one of Team Rabbits having a dramatic monologue about it. The bigger takeaway aspects of the episode for me were how they ended up interacting each other in the first place (Asagi punching Izuru by accident makes for a nice ice breaker), their redemption in the eyes of their class, and Izuru's last line - "From now on, wherever we are is home for Team Rabbits".
Lastly, a couple random points:
-Definitely feeling the Izuru x Kei pairing some more - notice how she was the only one who smiled about Izuru's attempt to fire everybody up with being Team Fail while everyone else ragged on him
-Team Fail will at least be remembered by the boys for giving unexpected Rin-Rin fanservice, with the next episode's title being "Prison of Lust", I can't wait to see how she's invovled
-I'm glad that I can more or less watch all three mecha shows this season since they're all going for different approaches; Valvrave is clearly going for spectacle and audacity, MJP is going for a more oldschool character-driven approach, and at this point I'm not sure Gargantia should even be considered a real mecha series...