1: Possibly better watched "uncensored", simply because there isn't much story line to it, so can't really be ruined by the more lewd version.
2: It struggles between anime and hentai throughout most of the series, but finally begins getting pretty decent around episode 8 or 9 (i.e.: just as the show is almost over).
Is it worth watching? Ehh... not as a top pick, no, but it's not so bad as to avoid it. Good if you're bored and casting about between one anime and your next, but not much more than that. As anime: the last few episodes probably justify having invested the time spent on the first 7 or so, I suppose; as hentai: hentai's not my thing at all, but I'd wager that ero fans probably wouldn't be impressed by it either, and for the same reason (i.e.: the fact that it straddles the fence, rather than truly committing to either).