I'm finally back home so here I go. I'll try to think of as much as I can but ... there is so much wrong with webnovel that I'm not sure I can remember it all at once 
I've been there as an author for over a year (and even longer as a reader) so stuff has accumulated 
First, the statistics you mentioned, well, they only work if you update at least once every two days (or was it one?). Authors who complained about that were rather rudely told that the statistics aren't for them if they don't do that. Even the simple statistics they had before were bugged though as in there were regular times when the graphs would suddenly show zeros as the number of followers even though there obviously were some.
Apparently, webnovel only counts 'real' readers in the new statistics which are determined through a minimal amount of time readers need to spend in a chapter. I'm not sure how much that is though.
In general, webnovel is bugged as hell. My favorite example both as a reader and as an author is the 'browse' function: You can browse books in four different ways including how many chapters the books have. It's supposed to go from the highest to the lowest number but, actually, it's completely random. You'll have books next to each other that differ about 200 or so chapters (since Chinese novels are often very long) with the one with fewer chapters coming before the one with more.
While we're at browsing: Webnovel has a browse and a search function. The search function is basically typing the name of a novel (getting it slightly wrong might lead to the novel not being displayed - e.g. I once tried to search a novel that had a title beginning with an article, I didn't type the article and the novel didn't turn up) so not really useful for readers to find books they might like. The browse function is a bit better (even despite the bug I already mentioned). The readers can at least filter by genres. The readers can't filter (in browse) or search for tags. They can only click on a tag on the detail page of a book that already has that tag. Lots of books are tagged wrongly though because the author isn't the (only) one to tag. The readers tag too (if you're lucky, actually, because otherwise, you probably won't have any tags - although webnovel did implement author tags a while ago).
Now, I guess the not-so-great browse function and wrong tags already showed that finding readers that might actually like your book is rather difficult. I think among the webnovel community there are only two ways that are agreed on that you can use to find readers on the platform: Either you post the novel on the forums (like for review swaps and that kind of stuff) or you just update daily. Because if you do, there's a certain page you'll be shown on the front page after at least seven continuous days of posting. When you are, there'll normally be more people who put the book in their library (and maybe even read). Other than that, there's really not much you can do.
Oh, another thing is their ranking. Readers can give stories 'power stones' (they get up to three a day that they can give to one or several books as they like). Currently, a novel that is in the first 350 places of the ranking and fulfills some other things can apply for the contract with webnovel. Now, here's one catch: Webnovel had a problem with spam before and as a result, they made a harsher filter. Every now and then authors might be caught in that filter if they put an smiley in their story (or even their author's note) or some other symbol that webnovel dislikes. They won't be told about but from then on, readers won't be able to give the novel power stones anymore, the novel won't be displaxed on the author's profile page and it won't turn up anywhere in the recommendations or anything. You basically have to rely on your readers to point it out or check if it's still available yourself. Afterward, you have to write to the support, that may or may not notice in a few days before they react. Meanwhile, your story will plummet very far down on the ranking list.
While we're on the contract ... I think there was a copy of it flying around somewhere. I can't find it atm but I'll look for it again and link it. Anyway, to summarize it: It's awful IMO. It starts with signing away your copyright and ends with nice stuff like if you're being accused of plagiarizing, even if you can prove you haven't, you won't be paid a single cent anymore while webnovel still retains your copyright and makes money off the story. Oh, did I say that apparently, if you breach the contract, you'll have to pay back all the money you ever made with them? While if they breach the contract (e.g. forgetting to pay you), nothing happens? Well, I don't know if that contract is real but honestly, I can imagine it is.
Which brings me to the last point I can remember off the top of my head (other than the things you probably saw already like them still not having implemented italics and bold text even after a fucking year and repeated requests from the authors): Their attitude.
Now, as I've said, I've been there for over a year and the things I've seen ... It starts with them not announcing things even on their own platform until the outrage of the readers/authors grows to a point where they'll have to push out the one moderator in their forum they apparently have (They do have in-app notifications now but I haven't seen anything important there so far but it's still fairly new so I'll give them the benefit of the doubt ... again.) This moderator will say such lovely things like (Paraphrasing this) 'Well, business is hard' after a Chinese author told of a colleague over in China committing suicide because of the constant demands for new content or after complaints from readers that webnovel's books are basically carbon-copies of each other and there's nothing original about them (paraphrasing again) 'Compared to Chinese readers, you're infants'.
Oh, I also remember that story when somebody on Tapas mentioned they think a picture used for an advertisement of webnovel's was infringing an artist's copyright: I went over to webnovel's forum to tell them (because I thought who knows? Maybe they'd like to ask the company they hired for that ad what's up with it) but, well, webnovel wasn't very interested. In general, they're fairly ... casual with copyright. Like they're displaying a notice that the copyright is with webnovel on all the novels on their site - even originals whose author's haven't signed any contract with them.
I guess I'll stop my rant here for now 
If there are further questions ... Anyway, I probably don't have many nice things to say about webnovel - other than what I wrote in the other response already: There are some lovely readers around there I don't think that's not really because of webnovel's effort though. At least not in my opinion.
