2.5 stars
I enjoyed this light novel, but couldn't really bear giving it 3 stars, since 3 stars for me is usually a default rating for many books much better than this one.
However, one must keep in mind that this is a "light novel," and isn't expected to be great literature. I often feel that light novels are stories that the writer had too many words to make a manga. I haven't yet read the manga, and I don't know if I will, but I feel like that would be a better media, since, while reading Spice & Wolf I felt like the author was redundant and did too much telling and not showing.
I like the premise of the series, and I would like to see where the story goes. Spice & Wolf is one of the relatively rare series that seems to be oriented to mid-20s and older males. (They may just seem rare to me, but it could merely be due to the fact that only certain things get translated/exported to the U.S./published as opposed to fan translations and online scans.) As such, it is not a complete action-adventure romp, not that there isn't action, but it's supposed to tell about the "normal" guy who wants "normal" things, like having a home, and a close relationship, but who still has a little adventure and clever schemes.
As I said, I like the premise of the story, and the portrayal or merchants as, although concerned foremost with profits, not unscrupulous. Lawrence, the main character, has a fresh face, sharp wit, and amiable personality, which appeals to the reader (who, if the target audience is a 20s+ male, can empathize), unlike the stereotypical images of a slimy car salesman or feckless door-to-door man we might think of as the modern-day equivalent to a traveling merchant.
Hasekura's setting, complete with a powerful, mysterious Church, and rival trading houses is exciting, and makes me wonder what intrigue future stories will hold. It was also interesting that the main plot revolved around currency speculation, which is obscure enough of an idea to be interesting, but explained clearly enough for the reader to follow and feel accomplished for doing so.
Last, but definitely not least, is the fact that one of the major appeals, and detractions, from Spice & Wolf is simultaneously Holo, the harvest god, who takes human form and travels with Lawrence. Once I got over the creepiness of the fact that Holo takes the appearance of a girl who looks about 15 years old and is found completely naked in the moonlight of Lawrence's wagon, I could see other appealing things about Holo's characterization, and how it makes the interactions between her and Lawrence appealing. Although I understand that Holo is made to be appealing to the largest amount of viewers, as with all serialized work, it annoys me how fan servicey the character is, which is clear in this case because Hasekura shamelessly integrated any and all qualities any possible male reader might want, using the fact that she's a several hundred years old goddess to justify the creepiness of her having an unmistakable child-like appearance and demeanor (to to mention cat-girl fetishist-appealing ears and tail) but obvious sexual appeal to Lawrence.
That said, I can see how Holo having all of these characteristics: youthful appearance, girlish charm, crone-like cleverness, actually aid the premise of the story. In one person, in Halo, Lawrence basically finds everything that he is missing in his lonely existence as a traveling merchant: a daughter, a wife, a close friend with whom he can banter, and an intelligent business partner.