Well it's easy to catch the sezy, and the ugly's not far away either, but I wouldn't have taken the shapeshifting literally if you didn't say it that way - I would have thought it was more of a symbol for how she moved between people, ditching one for the other so fast, just floating away; flowing onward... and then the giant crashes the party and some one is dead... I didn't really catch that ending! Maybe it's meant to be abstract? Maybe there's meant to be a red thread and story all the way through?
Apart from that confusing finale I really enjoyed the animation here, and color, and style, and the subtle background electronica all the way through. Twas a work of art! But if there is a story: that part could've been the bit to work on.