There appear to be an astounding number of positive reviews for this show, so I do understand that I am in the minority when I say that I did not enjoy this show. Based on the summary and poster for this show, it seemed like a cute show about a wolf girl, but it's really not about that. I am usually a big fan of character based shows and slower-paced genres like slice-of-life, but Spice and Wolf was so forgettable and uninteresting to the point of frustration.
The show markets itself as adventures of a merchant and a wolf girl in a fantasy, medieval-style setting, which does not sound that bad. In reality, the story is about ECONOMICS. The first half of the show focus on currency speculation, and the second half focuses on recovering from debt. I have a personal disdain towards both these topics because I have no interest in plots focused on money. People tend to praise the interactions between the two main characters but do not mention that the main focus is money. The show should honestly be called "A Merchant Trying to Make Money." If you love economics, then you'll love this show. If you're like me and hate economics, then I highly recommend avoiding this show.
The show has the opportunity of exploring a whole new world but decides to focus on money, and the art style plays no role in aiding that. The show is a tad bit old, but the animation is occasionally poor, and the art style uses such dull colors that the show is not very interesting to watch.
Objectively, this is probably the best part of the show. The show is mainly filled with scenes of the two main characters, Holo and Lawrence, just talking to each other to the point that I wonder why this was even made into an anime; it should have just stayed a light novel. A lot of people really love the flirty banter between the two, but for me, it was quite obnoxious. The voice actors (Japanese) do a great job, but I personally found Holo to be incredibly annoying while Lawrence was just your typical male protagonist. The show could have focused on developing Holo as a tragic diety, forgotten as the times changed but decides to focus on discussing money or flirting, and I found both topics to be dull. I do enjoy dialogue heavy shows like Bunny Girl Senpai, Bakemonogatari, and Fruits Basket, but it is difficult to be invested in Spice and Wolf's dialogue.
There are like three main songs used that fit the theme of an idyllic, medieval setting but the OST is not something that needs to be praised. It just serves to complement the show.
If I was reviewing this show based on my personal opinion, I would give this show a 3/10, but because I do recognize that this show can appeal to some people, I have given this a 6/10. If you love economics and want to add a tsundere-like waifu to your collection, then this is probably the show for you. Otherwise, there are much better character-based shows out there. Some people say that the characters, specifically Holo, are so complex and nuanced, but in reality, they're just normal characters with a few personality traits.