I won't say too much about this as I do not want to give away any spoilers, however I will say that at it's core, Okami-San and her Seven Companions is a comical take on some well known fairy stories, these are usually pointed out by the episode titles and the comments by the narrator (most of which, as other reviewers have commented on, are extremely funny).
The basic storyline is about a boy who is in love with the title character and is prepared to do whatever it takes to prove it, despite being afraid. It's another one of those shows that are set around a high school (a location I do feel can be overused), however it doesn't take up all that much of the focus. Instead, it focuses more on the club activities that the main cast are engaged in. The club itself works as a "favour for a favour" kind of market. Anyone can go in and ask for help, all the club ask for in return is another favour at a later time.
I should also point out that despite being mostly light harted and funny, there are some darker tones to the plot line and a little bit of hand to hand combat.
I found this very easy to get into and enjoyed it very quickly, after taking quite a while to decide whether or not to try it. I hope they make a second season one day as it could easily be continued. I would recomend to any Anime fan who likes shows such as "Ouran High School Host Club", "Baka and Test" and "Haruhi Suzumiya".