The first arc, a famous revenge story named Yotsuya Kaidan, is my least favorite. I can say, however, that it is dramatic and that revenge is served in the end. It has an overall grim and depressing tone, and if you're not in the mood for that I would suggest you skip it. It's definitely horror to the core.
The second arc is more of a tragic love story between a human and a spirit. This one is quite depressing as well, but it has moments of comedy thanks to a pair of side characters and there is more positivity in general. The art and colors are less grim than the first arc and is definitely an upgrade from the previous episodes.
The third arc is most likely the reason people watch this series. The story about the bakeneko and medicine seller is a leap above and beyond the previous two. The artstyle and colorful decor and outfits more than make up for the darkness in the previous two stories. Not only that, but there is some mystery and tense dialogue that carries the episode along. The character and style proved popular enough to warrant an anime of its own called Mononoke.
All in all it was entertaining enough, if only because it's different in content from most animated series I have seen so far.
