Took a couple of sectors with them last month (KCH-KUL & KUL-HKG) and on the basis of that (albeit limited) experience, I'm a big fan.
Sat in 1A on both flights and felt that they provided a quality business class product, inc. all the trimmings (fast track, lounge access, priority boarding). Comfortable seats, good food & drink, personalised onboard service. Lovely crew uniforms
IMHO, they gave all the impression of a well-run operation. I certainly remember thinking, during both flights, that Malindo were in a whole different league when compared to, say, BA's short haul Club Europe option masquerading as business class.