This is not fluffy. This is dark. No happily-ever-after shoujo fantasy here: Fist-fulls of harsh reality punctuate the narrative at every turn. They're not all cheap-shots, either; not a lot of melodrama, mostly just drama. (Obviously from these comments, some feel differently. Your mileage may vary.)
Lots of death, though. Definitely more "and then they were killed" moments than the average shoujo manga.
With a different protagonist, it'd be completely unrecognizable as any sort of shoujo manga, really, but our bright and (mostly) clear-headed young tomboyish protagonist is responsible for carrying that banner. Reminds me of some sort of older, darker shoujo fantasy stuff. Either way, she's anything but immune to the reality-checks this story likes to deliver.
Well, I can only hope it's not an outright tragedy. For the moment, at least, it's sure set up as one, if it wants to be. Time will tell.