Story: 9
The story is rather good, but the series a whole is very dialog heavy. The story does a very good job on taking you on an adventure with it. Most characters have a refreshing amount of detail to them, contrary to the plethora of anime with very shallow characters. Almost ever important aspect of the story is quite memorable. There is quite a bit of dialog though, some might not remember every speck of it, but that does not mean it will keep you from enjoying each arc and every character met. The fact that that the story is very good, and the characters are memorable is why I give it a 9. The fact that not every aspect of the dialog is memorable, and sometimes hard to keep up with, is why it is not a 10.
Art: 8
First of all, the art is above average. However, it is not quite on par with many anime of it's time. The backgrounds are quite stunning, this is where the art shines. The setting changes quite often, but the art of each one stays fresh, and is very well done. Although the characters and their movements are rather mediocre, them being placed in a nice setting, with most of the interactions being through talking, negotiating, and problem solving, it shows that average character animations can shine in an above-average setting with above-average story telling. There is very little fan-service in this show, there is quite a lot of nudity, but it is very tasteful, and not meant to sexually appease any fans. (Which I find refreshing.) Overall, the art is a solid 9. Gorgeous settings, with great characters and atmosphere.
Sound: 10
Okay, this is where I feel the anime shines. First off, the OP and ED are AMAZING. Some of my favorites in all of anime. The OP is very calming, and sets the tone for the show very well, while the EP is absolutely adorable. The EP is one of my my all time favorites and makes you look at Holo the Wise Wolf in a very different way. The big question here though is, Subbed or Dubbed? Personally, I'd go for Dubbed. I usually go subbed in most occasions, but this is one of the few exceptions. the sheer amount of complex dialog itself is a major reason, but the English voice actors are GREAT. J. Michael Tatum voicing the English version of Kraft Lawrence is beyond amazing, he is known for others like Okabe Rintorou, the main characters of Steins;Gate (My all time favorite anime) and many others. He is an amazing voice actor and makes the dub worth it by himself. Of course the translations can get a bit cheesy every now and then, there is no point in the anime that I find Subbed was much better than Dubbed.
Characters: 9
Not much to say here, other than most characters are great, and have an above average depth to them compared to other anime. Many shows now have a tendency to show complex characters, with very non-complex traits. In Spice and Wolf most of the characters you meet have a more-than-meets the-eye tendency to them. Without spoiling to much, I'll let you meet the characters yourself.
Enjoyment: 10
This is probably where most opinions of this show diverge. There is a FAR above average amount of dialog in this show, and it is mostly about economics, and trading policies. If you are into a unique perspective of story (Like myself) I'm almost positive you will love the story. If you are into much simpler stories, I'm almost positive you'll dislike the story. It's as simple as that. The story has unique plot after unique plot, I find this very enjoyable, time and time again.
Overall: 9
After all that's said and done, this anime is not perfect, but is far beyond most. Almost every aspect of it is great, but the few things keeping it from being perfect is why it is not a 10. I would love to give this show a perfect score, but it is not a perfect show. It is also not for everyone. If you enjoy complexity, there is almost no doubt that you will love this show. If you don't like complexity, why are you watching anime?
