I'm not going to rehash anything about whether or not Frankencastle is supposed to be a good or bad, or whatever. Rick Remender is doing things with this character that no one could have expected that they would want to see in a Punisher book. That's the only thing that needs to be said about that.
Now, onto the content of the book itself. Once Remender is able to cut loose with the premise of the book, the amount of wacky that permeates every page of this comic is something to behold. There's Frank Castle riding a D&D Red Dragon. There's Frank shooting up WWII Nazi and Russian zombies. There's Hellsgaard. Everything you need to make this enjoyable is in here.
Regarding Hellsgaard: I read about how this villain is another example of what would happen if there are two Punishers in the world and they meet each other. Ennis covered that, I believe, and probably better. Hellsgaard is nothing like the Punisher in terms of motivation. Hellsgaard did lose his family to monsters and has vowed to kill all monsters. And if, in that last sentence, you replace "Hellsgaard" with "Frank Castle" and replace all the letters "n" with "b" you will have the summary of the Punisher. You know what though? They aren't the same guy. Hellsgaard is more akin to a racist than anything else, and Fraction covered that in War Journal, while Punisher is a killer of people for their deeds. Not the same. Do both men hate? Absolutely. But then that'd mean Wolverine is similar to the Punisher, too, and Magneto, as well.