Thanks for the reply, the explanations makes it much more clear!
Alright, let me try to argue some of your points:
Annie relies on a string of combos to really make use of her Marquee Ability and the damage will cap at 125%. That's a lot of damage boost but Annie's base stats seem to be the same as Parasoul which has average ATK and HP stat based on fighter score. Like Parasoul, she needs that damage boost if she wants to deal any sort of damage against tough defenders. A problem with relying on long combo strings is that it has a higher chance to activate whatever defensive SAs or catalysts in the game. A simple example is Heavy Metal and Frost Armor. How is Annie gonna deal any damage to this guy? And then there are SAs like Love Crafted, Assassin's Greed and Dreadlocks that will make it difficult or punishes you if you want to reach that cap. It does not seem to be at the same level as Parasoul pre-Crit Mass nerf where she can easily gain 200% bonus damage with low number of hits, access to IMMUNITY and on-demand PRECISION. Annie's Marquee Ability is awesome, but it's not without drawbacks and she doesn't have the same utility as Parasoul when it comes to countering top defenders in the game. Certain variants do have access to these abilities, but it seems to depend a whole lot on STAR POWER which means you'll have to wait till it's charged before doing anything.
Onto defense. I mean, most people usually attack with a full ground combo (which is exactly 5 hits) and then finish off with a high damage blockbuster in the end. By that point, you'll already reach 5+ combo hits. You seem to understand the problem with long combo strings, wouldn't that apply to Annie too? And Annie's defensive Marquee Ability still doesn't stop any sort of BLEED strategies that don't even care about your stats. It's difficult to say whether GUARD BREAK or AUTOBLOCK will make an impact on the defense since it seems that those BUFFS/DEBUFFS are given from SAs which from the reveals are mostly given on STAR POWER activation, which again requires some time to charge. Maybe Annie's catalysts can change this but like any other BUFFS/DEBUFFS, IMMUNITY and CURSE (Sketchy strats) still stops them and OUTTAKES is still a way to deal with it. If there's one or two variants that can remove this weakness, then that's awesome. But I doubt it's at the defensive level of Splitting Image that literally has no real counters. And then there's still the AI to consider.
Annie looks strong, but I think it's still too early to make any claims until she's released and more of her variants (especially the Diamond ones) are revealed.