I hugely enjoyed the first anniversary show and recommend others watch it.
They picked the best songs from Team H's stage, as Te wo Tsunaginagara and Chime wa Love Song are great openers. The show introduced the new 2nd gen kenkyuusei well too, it was the first time I'd seen them, and also Rabutan with HKT48. The 2nd gen which particularly stood out to me was
Akiyoshi Yuka, she is really really tiny and is a cutie. Of course, Tashima Meru centres their new song Hatsukoi Butterfly, and also River in this performance. The whole River -> Beginner -> UZA section really impressed me, as I thought such a young group wouldn't work well with these strong songs. Sashihara completely owned the stage during her Itoshiki Natasha performance. I was disappointed with Haruppi's dancing throughout, and she still can't do the roll in Kiss Datte Hidarikiki.
Overall, I thought it was a truly excellent show and look forward to seeing more LODs from them