[Archon_Wing]

As of episode 15:

Aside from his style and his fairly amazing gambit in episode 13, I must say that besides that typical villain smug that Makishima wasn't that interesting. If he's clearly as amoral as he seems in which he treats society as his plaything, then there's just nothing for him to do but wear the villain cap.

In a vaccum.

As the show itself presents though, it could be regarded as which is the lesser of the two evils- Sibyl, or Makishima's anarchy. Clearly both sides have the positive arguments about each other. Sibyl has maintained security, and Makishima wants minds to be free.

It is true that both can be considered evil because they actively enforce their will on others, but when both sides are in conflict, it'll be interesting to see what people truly want when forced to make a choice.