At first glance this may seem like a "been there, done that" kinda of gender bender/romantic comedy, but the further in you get the more the characters grow on you. There are a few dilemmas, but thankfully the mangaka doesn't let it devolve into melodrama.
Mizuho-chan is a fun and relatable (bear with me here) character. S/he starts off carefree living in the moment with her/his two friends and enjoying life as a girl. But when Alice shows up her/his perfectly carefree existence is brought into question. Mizuho-chan then has to work out her/his feelings that are budding for Alice.
Alice on the other hand, who has lived abroad for years, has come back to Japan and is intent on finding her "Prince of the Hill" whom she had a short encounter with when she became lost as a child. Lost and crying, Alice was met by a kind hearted boy who wiped away her tears and helped her get back home. She never learned his name and was left with just a "handkerchief" to remember him by. As Alice searches for her "Prince of the Hill", Mizuho-chan, now a girl, learns that the girl who ended up taking her first pair of panties or "handkerchief" years before was none other than Alice.
Mizuho-chan then begins to fight her/his conflicting feelings for Alice and her/his happy existence as a girl. Mizuho-chan's lies begin to take a toll on her/him, but (of course) external forces plot to keep them apart. Whether it be Alice's perverted, Mizuho-chan super-fan cousin Fujinomiya-san, a mischievous love rival or meddling best friends everything seems to be against Mizuho-chan.
Once the story gets about halfway through the characters begin showing some real personality and you grow to care for them. There are a lot of laughs and fun moments, but also some psychological insight into Mizuho-chan and Alice's confused, mildly angsty, youthful minds.
Mizuho Ambivalent is a very rewarding read, be it for the comedy, the characters and even the pleasantly drawn art. I walk away satisfied, but also a little sad that I won't get a chance to see these characters again except for re-reads of which there will be many. Mizuho Ambivalent; give it a try. If you like a fun, light-hearted read with (at least for this genre) well developed characters then you won't be disappointed with this. I sure wasn't.