I think Magia Record's pacing in the second half was brilliant. Episodes 2-4 barely make sense outside of the bigger context, and in storytelling terms they're pretty poor.
However, I'll vouch for the show after that. They introduced Iroha's team really nicely, and the plot moved well basically since after Iroha learned about her... uh... "extra powers".
In terms of "covering the whole story"... I would say so far what's been presented to us is 3 hours of prologue (right up until about the end of episode 7) and then the very first movements of a story. I don't think they covered "Mahou Shoujo=Majo" very well, but that would have added like 3 episodes between 11 and 12 to do right, and it's mainly irrelevant to the story of this series and especially irrelevant to the audience, since presumably everybody has seen original Madoka already.
I also disliked how they introduced the Magius. It was a random tack-on at the end of a completely different type of episode, but I can't think of a convenient way to do that where you do one episode with it's own plot that still leads to the next.
It's pretty clear they're not trying to cover too much at once considering they put the "Mahou Shoujo=Majo" explanation right at the end of the first season, before any real plot points or resolutions can begin to manifest. That's being left for S2.
Masaaki Yuasa Retires as President of Anime Studio Science SARU
That took two entire seconds (or more literally, anime).