Story: Before I start out, I should say that I usually enjoy episodic animes, like Mushishi and GitS:SAC. This anime, however, seemed to be simply doing the same plot over, and over, and over... with minor tweaks here and there. Here is the main formula for this story: Ran finds sake, Ran can't afford the sake she has consumed, Ran gets Meow to pay for her sake, Meow gets hooked into trouble, Ran saves everyone, Ran goes in search of more sake, the end. The fight scenes are not spectacular, excepting in rare occassions where Ran's opponent isn't stupid and/or the humorous "Iron Cat Fist" stylings of Meow. Also, I recommend not starting a drinking game where a swig is taken every time someone says sake; liver poisoning may result.
Animation: I do not except spectacular CGI effects from early 2000 work, but I do expect some fluidity in the movement and at least minor detail on the background. This anime gave the bare minimum of both. Unless something was important to the plot (say a sign or something), I think the artists used the same design in every town. They were also fairly lazy with the side characters, as any woman not important to plot was drawn exactly the same, with different colors. The same could be said for the men.
Sound: The sound effects desperately try to put you in the Edo period. The opening song is a piece done in a traditional style, and unless you read the lyrics, you'd never know it was a ballad to sake. The inner music is fairly repetitive, but it helps move the story along when the plot gets dull. And I rather liked the ending theme.
Characters: Ran and Meow are the only constants. The rest of the cast fades in and out without leaving much behind. Only a few got actual designs (rather than the body-doubles used for all the other side-characters). Even with episodic anime, the main characters are given some amount of backstory. That really doesn't happen in this anime. Yes, both heroines get a backstory episode, but these episodes raise more questions than they answer.
Overall: I would suggest this anime to someone that isn't looking for a whole lot of depth in their anime. There are some inspired moments, but overall, it's just a pair of drinking buddies taking on the underbelly of Edo Japan.