Malice is love, Malice is life. But other than that, Malice is... Malice.
First, she's essentially still a kid: capricious, selfish and playful, which often leads to the same result as being evil. She's also an eldritch entity beyond comprehension and some parts of her psyche seems to be completely inhuman. Let her consume your consort and then confront her in early Act V, you'll know what I mean. Malice perceives and interacts with things and phenomenon beyond what even Sun and Moon can do - the world folds into itself simply because she's around. Things she perceive are often so complex she couldn't even explain it to anyone but Mother.
So, no, she's neither evil, nor an idiot. She acts selfishly, but usually lacks direct desire to harm someone. She fools around, but she can think on levels simply inaccessible to humans.
She's simply Malice and fanboying over her will never get old.
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