This is a "fantasy" type of anime. I've read both the novel and the manhwa (loved the first, hated the second one) and I can say the anime is extremely faithful to the original story. There are some variations when compared to the novel, but they're all done to make the plot more understandable and enjoyable to the viewers who aren't familiar with Douluo Dalu. So even if you've no idea of what this story is about, do not worry and give it a try; if you enjoy the genre, you'll probably like it. The anime doesn't go too deep in explaining aspects of cultivation and of the various techniques from the Tang sect, but that is understandable, as it would make the episodes far too long. It's a necessary compromise. If you enjoy learning about those aspects, I recommend reading the novel. The manhwa skips some of the best arcs, so I wouldn't recommend it.
The animation is well done and the fight scenes are a real treat, although the continuous repetition of "transformation scenes" can get a bit annoying. Spirit beasts and the scenery are both drawn beautifully. Lots of advertisement and product placement, but they're all done in peculiar ways which actually add a bit of charm to the production. Sound effects are somewhat cartoonish at times, but I personally didn't mind it.
It's a good show, with both comedy and drama, and characters which are overall well developed. The anime is currently in its second season and unless the production gets halted, then (considering how long the novel actually is) it should go on for another 3 seasons at least.