I haven't watched the original series but I can safely assume this is just a more compact version. Knowledge of that work isn't needed here, or so I believe, but you'll do fine if you jump right into this one. It's a classic story of a transfer student transferring into a school of ladies, and when I mean ladies I mean upper-class: Not snobby but upper-class, and it does a good job on not making them repulsive princesses. Anything deeper is possible spoiler territory, being an OVA and all, but that's the jist of it: School life, ladies, school life... and some romance, a bit of drama, but mostly school life. Loads of it.
But it's not entirely memorable. It's pleasant, nice to look at, doesn't harm the ears but not anything outstanding. Some events a series of this kind would have it either glosses over or hand waves but it does delve into some of it's characters which I found to be pretty nice, once again being an OVA and all. Character development, some nice going-ons, and an ending that one would expect. It's a good way to spend an hour and a few minutes and overall a good relaxing slice-of-life/shoujo-ai.