Wedding Peach is a mahou shoujo show that is the Sailor Moon type. Three ordinary junior high students-Hanasaki Momoko(all names in Japanese name order) , Tanima Yuri, Tamano Hinagiku are given power from Aphrodite, who is still goddess of love and beauty here, but has somehow become Queen of the World of Angels, through her servant, the angel Limone. These powers are for the purpose of fighting Rain Devilia, ruler of the World of Devils, who is searching for a group of items called the "Saint Something Four". This name is based off of old wedding mythology that if a bride wears something old, something new, something borrowed and something blue, the marriage will be happy. The devils believe this will give them an upper hand in their fight against love.
The girls' powers flow through three special items- Wedding Peach's (Momoko's alter ego ) ruby ring (her mother's), Angel Lily's (Yuri's alter ego) Saint Lip Liner, which appears to be a tube of lipstick, and Angel Daisy's (Hinagiku's alter ego) Saint Pendule, which looks like a wrist watch.
To activate these items, they must use incantations. Wedding Peach's magic words for the initial transformation (into a western style wedding dress) are "Wedding Beautiful Flower!" and for the second transformation into a short, kicky battle outfit, it's "Wedding Change! Oiro Naoshi, Angel Amour Peach!". The words "Oiro Naoshi" refer to a bride's changing clothes between the wedding and the reception, thus adding to the wedding theme of the show. Angel Lily says "Wedding Graceful Flower" for the 1st transformation and "Wedding change! Oiro Naoshi, Angel Precious Lily" for the second. Angel Daisy's words are "Wedding Attractive Flower!" and "Wedding Change! Oiro Naoshi, Angel Courage Daisy!"
Since many episodes are set up around a demon of the day format, they must have attacks. These use very toy friendly items. Wedding Peach has the greatest variety. First she has "Saint Miroir Bridal Flash", which uses her magic mirror to destroy the devils in the typical flash of light, magical girl way. So you can get your mind out of the gutter right now. Anyway all three girls are only 14. She also uses Saint Operation Tempete using the Saint Operation stick. This is used to make the otherwise normal humans that were brainwashed into working for evil normal again. She also has the Saint Crystal but I have not watched that far yet.
Angel Lily uses her "Saint Lip Liner" as a rope to tie up the enemy. She says "Saint lip liner lily rainbow" while using it. She also has the Saint Strahl. Angel Daisy has her Saint Pendule, doing an attack that looks like tons of daisies blasting the enemy.She says "Saint Pendule daisy blizzard" when she does this. Daisies evoke youth and innocence. She also has the Saint Tornado, which is not what it sounds like.
Now, to the matter of the names. Momo from Momoko means 'peach' (see? Wedding Peach) Hinagiku is the Japanese word for Daisy (i.e. Angel Daisy ) and Yuri is as you guess, the word for Lily, and is also used for a genre of anime fanfic featuring lesbians. Aside from battling devils, the girls' home life is pretty good. They work at the school newspaper, idolize school soccer star Yanagiba Kazuya and in Momoko's case, nurse both a crush and a grudge for Fuuma Yousuke. Also, a word about the girls' speech. Yuri uses very refined Japanese, and has a gentle personality. Hinagiku is a judo fiend who speaks very rough, boyish Japanese, and Momoko uses very normal language, as she is a normal girl!
This show is often called a 'Sailor Moon'' rip-off. Maybe this is because Kazuko Tadano who did the designs for Sailor Moon also did designs for this show. More possibly, people tend to make snap decisions based on very little information (case in point : http://www.technogirls.org/barbara/anime/peachprj.htm#Animerica_article_of_doom , if you haven't watched a whole episode, you're not qualified to talk about a show)
For my personal taste, the characterization is a bit flat . However, I have watched twelve episodes. In those episodes, there were moments of inspiration (such as Hinagiku's parents' fighting) and moments of utter crap (The rice demon episode). If you look under the candy coated surface you may come up with a gem. All a matter of taste.