This is just my second time clearing lunar mode since its a pyro/electro cycle which my account thankfully has plenty of (Don't ask about Geo/Dendro cycles). Lunar mode feels just the right balance of having a bit of game knowledge while just being casual enough to not be sweating although this is obviously balanced by the character requirement. I'm a launch player and while I am not whale but I do welkin and during 1.X days I used to buy the battlepass. I really like theater where it rewards you for building characters and not just shilling the banner character of the cycle. I don't have all the characters but this mode still gives me a bit of a push to at least level up some of my 4\* and get decent artifacts from domains I've never even bothered to touch (or recycle). I like also the fact that there is a place for my non-meta units (DPS Dehya/Klee/Kaeya etc) to shine. For newer players I do feel theater would be their last priority to clear since they don't have the resources to level multiple units at once. Overall I like this horizontal account investment endgame.
Imaginarium Theater appreciation