I think that the interpretation of Kasumi-sempai requires more thought than most Ranma 1/2 characters, in fact ANY other characters that I've seen. However, I think it can be presented in a highly waterproof manner that what I'm extrapolating is not with a sniff and a nod. It is well thought out due to observing Kasumi-sempai very closely. Kasumi says and gives away more than most people think. They just don't pay much attention to her because they see her as a sideline character more for comic relief than anything else. I think that Kasumi is the most serious and well thought out character in the series. I also think that she is the one who contains the most serious 'message' in the series. I have written a SMALL explication on this idea on the Tendo Kasumi School of Philosophy's "Big Book 'O Philosophy" page. If you're really interrested in a serious (and fun) interpretation of Kasumi-sempai's philosophy, take a look.
We have seen Kasumi state what appears to be the obvious and the mundane in a simplistic way. Why should we confuse this for innanity when it can be seen as much more than that. When Ryouga first enters the series, he hates Ranma and tries, not only to kill him, but to destroy his happiness. Ryouga's single goal is this, and the pursuit of Akane, who loves, and is surreptitiously loved by Ranma. Durring the couple episodes after his intro, Kasumi sees Ranma and Ryouga going at it full-steam, and comments quite cheerily, "What good friends!" Of course, at this point in the series, we think, "Ha ha, Kasumi is blind. What a ditz." But later in the series, what Kasumi has said proves itself more true than we imagined, as Ryouga saves Ranma's life and actually teams up to help him. Ryouga becomes one of the best friends that Ranma has, but as with Akane, neither of the boys would ever admit it. Kasumi does this sort of thing fairly regularly. She quite accurately estimates the relationship between Ranma and Akane on several occasions. Once, when she tells Ranma to try to be kinder to Akane because she really is a sweet girl, and likes him deep down. Kasumi is not oblivious for the most part, and she most certainly is not blind. Is it not the innocence of the child that finds the most profound discoveries? I think that on one side of the issue, everyone has a fractured persona. What this means is that people are not 100% or even rarely 50% consistant with who they appear to be. A fracture is created by unballance. I will come back to that later though. The result of the fractitious persona is that people are in a state of flux. They have trouble reconciling the fractured parts of their states of being. For instance, take Jaymz, who has a softhearted, caring side to his persona, but that is fractured, split off, from his primary persona and only comes into play in certain situations, or circumstances. This means that to all observers, it appears as if Jaymz has shown us a 'new' side of himself, or that his actions are a result of a completely outward stimulus, however, Jaymz's caring, softhearted side was present all the time, it is simply it's expression without the hard, violent side that seems to confuse us, and likely Jaymz as well.
The personas are not well inegrated into a 'macropersona.' Hence, we label them as seperate parts, when they are actually parts of the whole, but not visible all the time. It is an imbalance in life that creates this fracture. If there is a surplus of violence, harshness, or struggling in Jaymz life, then that unbalance creates a fracture between Jaymz's two sides, the soft, likable, courteous Jaymz, and the harsh, cutthroat, violent Jaymz. As the opposing example, the same can happen in reverse, with the soft, gentle side becoming prevalent. As we can see, an unbalance too far in either direction is a negative occurance.
One of the Tendo Kasumi Philosophies is that of balance. The Yin and Yang symbol is the most obvious practical example of this. It involves two levels of balance-the introverted level, and the extroverted level. The extroverted level is what we see in effect in Ranma. A thematic and plot balance is maintained by the personas of Kasumi-sempai, Dr. Tofu, and in opposition, the personas' of Ranma and Akane. Tofu and Kasumi represent the Taoist Yin. The gentle, passive, slow, half of the balance, while Ranma, Akane, Shampoo and others represent the Yang half of the balance with their aggressive, sharp, harsh, bright personas. This maintains a semblance of order and balance in the Ranmaverse. Without them, the environment would be too chaotic, too quick and harsh. They are the soothing balm to the other characters' fire.
The second and most important balance is the introverted balance. Not only do the characters balance each other out with the Yin / Yang like approach, but internally, they must find a balance of those same principles. The difference between Kasumi-sempai and some of the other characters in this respect, is that she has established an inner balance, which seems to be that of the classic Taoist sage. What many see as Kasumi denying her true nature, and a simplistic outlook is the peace and stability that is a result of the inner balance.
Kasumi has integrated the two fractured personas so that they do not eclipse each other. She can be at peace, flowing through life with the ease and cheer of a leaf in a stream, while at the same time accomplishing what needs to be done without overtipping that balance. She can be firm and demanding, while retaining her gentle peacefullness, as we see when she causes Akane to agree to stop fighting with boys, or when she runs and keeps in motion and general order a household that requires firmness, and would take an iron-fist if it were anyone else trying to guide it. Yet, Kasumi does not have to resort to that imbalance. She can do it while maintaining flow.
This is not her denial of her true self, but an acceptance of ALL of herself in an integration that maintains balance. Nabiki? She simply has too much ambition to be satisfied with that type of balance. She does not seek it, but relies instead on her fractured persona as an asset to her, allowing one side to show, then the other when it is most convenient. Likewise, Ranma, has not been able to integrate his fractured persona, so that we see he truly cares for Akane, yet that gentle side only emerges at infrequent intervals. He has not learned that he can be aggressive, yet caring and gentle too.
Kasumi-sempai has established a level of balance that leaves her invulnerable to the aggitation and stress of everyday life that the other characters face. Her calm and cheer are the result of a studied and practical assurance of balance and flow, not the product of a simple or childish (but childlike) mind.