Yes, the story is over-the-top and unrealistic. But it's also awesome. What action film or action manga or anime isn't like that? Think of any John Woo film. Realistic? No. But awesome. Kenchiro from "Fist of the Northstar" punches his friends back to life. The blind guy from "Until Death Do Us Part" takes out tanks with a special katana. And so, a werewolf highschooler can take out legions of thugs and show up for school the next day without a scratch on him. I don't generally look for realism in action stories, especially when they feature werewolves or vampires. I'll read the "Time-Life" series for realism. ^_~ The series also gets better as it goes on. Things get more complex and characters are more fleshed out.
You will find a fair bit of pathos and a little bit of angst sprinkled in later on in the series, and it does get rather graphic, but there isn't much in the way of serious drama in "Wolf Guy". You'll be disappointed if that's what you're looking for. "Wolf Guy" is an action series, not a drama. This isn't a "Wolf's Rain" clone, and I'm glad for that. I loved "Wolf's Rain", but I'm happy to see werewolf story with a different feel. The art in "Wolf Guy" is incredibly good, and the lines are filled with campy goodness even if they're not all that well-written at times. "Wolf Guy" can feel like it written by a 13 year old boy, but a damn cool 13 year old boy. What it lacks in prose it makes up for in other areas.
The characters are cliched at first, and in the case of the women especially, can get tiresome. I feel like that's the real weak point, but it does get better as the series goes on. The teacher is a strange mix of cute, annoying, and weak. She becomes endearing, though. Her breasts are also very distracting. Their size goes from very large to extremely, ridiculously large depending on the chapter. Akira, the werewolf, is a good, solid, if a bit cliched character with an interesting background. Chiba, the boxer, gets an awesome make-over and a larger part. Haguro, the yakuza heir, changes as well, and the story gets much heavier. Things get ultra-graphic at this point. You were warned.
What really makes this series stand out for me is that it throws a werewolf into an action setting. Werewolf films and stories are popular in the U.S., but we don't usually see them in manga and anime. While I did enjoy "Wolf's Rain" immensely, it had a depressing and very serious storyline. "Wolf Guy" has a lighter, more action-filled story. It's not a story that takes itself seriously, it's more camp than drama at times, and I feel that it's geared more towards teens than adults ( there is some nudity and a ton of very graphic violence which is why it's got mature in the genre list even though the story will appeal more to a younger crowd), but it's a fun read. It may not be perfect, but it's really good for what it is. Give it a try. ^_^