Well, in short, it's an average story, unlikeable characters, bad pacing, and bad editing. It's far from the worst novel I've ever read, but don't expect too much.
Master Wolf is a relic of its time. It's a stereotypical "swords and sorcery" story, complete with all of the misogyny and testosterone you would expect. Going in, I quickly knew what to expect, which is a book that aims at a male power fantasy. In that regard, it's a kind of disturbing one.
One thing that causes it to be disturbing is the amount of rape somehow appearing in what could be mistaken for a young adult novel. From descriptions of monsters assailing men, to men sleeping with an unconscious woman, with the twist ending being that because of rape, a character is no longer pure enough to be used as a weapon. It's messed up, honestly. The portrayal of women in the story isn't much better, as there are only two significant females in the whole story, one is literally a plot device, and the other one is purely there to sleep with the protagonist and is completely forgotten, only mentioned once in passing later on. At any time when Mika is alone with a woman, the writing changes tone to a cheap romance novel, with very awkward descriptions, and in the context of the story, are creepy as hell.
The protagonist is Mika, an outcast of the Wolf Nomads. He's an outcast, because he was supposed to become their leader, but he scampered off to brood too long, and the tribe chose his rival instead. He has been sent on a quest to redeem himself by escorting a trade caravan to the city of Eru-Tovar. On this trip, he is sometimes rather heroic and proving himself in battle, but also clumsy and foolish as often, or more. His behavior isn't even comically bad, and it seems very inconsistent. The only consistency in the character is his relationship with his wolf companion, who has far more personality and is far more interesting than he is. His rival and his tribe don't really matter after t he first few pages, despite there being a lot of room to explore that conflict. He has an older nomad travel with him, who is consistently a fierce warrior, and randomly alternates between supporting his kin and spitting at him. The Guildsman, Hary, makes a sudden about-face two-thirds through the novel, and becomes a villain. There is no foreshadowing or consistency to his actions, and his whole scheme doesn't even make sense - but don't worry, little of the plot actually does. The other important character is a giant who is protecting Princess McGuffin, whose entire purpose is to attack anyone who threatens the princess.
The writing is messy, and it's not always clear what is going on, but it is rarely significant enough to worry about. As such, action scenes could have been more detailed, and the previously mentioned non-consentual-romance scenes were too detailed. The pacing is terrible. There's a long stretch where it's rather boring, then things happen, and the ending is very rushed and confused. It's not a book where you have to worry too much about a missing detail, because the author didn't. Sometimes it's an editing mistake, like referring to Mika as Mike, or forgetting to use a hyphen on overflowing words, making "further" turn into "fur". Sometimes it's contradictions, or plot oversights such as the princess magically having a second necklace appear at the end which nobody ever noticed before. Sometimes, the problem is that character motivations make no sense, like the villain attacking the caravan at the risk of harming the princess, or Hary attacking his companions so he can be alone with the princess while surrounded by monsters, ensuring both of their deaths. Why did the fly part happen? What was the point of that?
So, I've said all that is wrong here, but really, it's meant to be a dumb, immature fantasy story, not great literature. It doesn't add much to Greyhawk's lore, but has some fun parts, like the owl bit. It's just hard to find a lot of saving graces here.