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I think it's a boring concept, however balanced it might be competitively. It takes both the "transformation" and "super attack" premises, and completely dilutes them. Z-Moves had several applications and secondary effects based on which attack was being powered-up. Mega Evolutions have entirely unique stat distributions, abilities and typings for the Pokemon who got them, not to mention new designs. Dynamax just sort of homogenizes everything. Everyone gets big for 3 turns, all attacks will become Max Flare, Max Strike, etc based on type, and you will see the same secondary effects across the board all the time. It's heavily simplified. Maybe that'll be good for an ever-inflating meta, I dunno. But it does take away what made the previous mechanics fun.
Gigantamax looks redundant, and almost undercuts what Dynamaxing appeared to be. It's like they wanted to re-implement Megas again, with certain Pokemon getting their own special power-ups.