I'm not making out anything that isn't supported by the facts as reported by the JCVI and other agencies (such as HPA and even Novartis' own safety data). No, I wouldn't say the in vitro efficacy data look great, responses to some antigens wane very rapidly (down to less than 20% after 12 months iiirc), which is why expected protection is being interpreted very conservatively as about 2.5-3 years (potentially 1.5 years reading the JCVI position statement). It genuinely is unknown whether the vaccine will work to prevent even the predicted 75% of Men B cases, which is why all experts are using careful language about it (see quotes in BBC articles in recent weeks).
The facts are that we have no idea what level of protection it has given to those vaccinated. Only time, and monitoring the number of cases, will tell.
As for side effects, it's well accepted that these are worse than the average vaccine and it's often called 'reactogenic'. The safety sheet for the vaccine itself puts some serious adverse events in the 0.1-1% range, so there's nothing particularly controversial in that.
I'm not always a fan of the JCVI's decision, but they are an independent body and I don't think can be accused of having a cost cutting agenda. See the whooping cough roll out for pregnant women for instance. They do however have to make sure an intervention is worth it.