It's a decent illustration, but as a cover it feels sort of lacking (that is, setting aside the obvious "not the original cover" aspect of it.) There's just something about the way the text and the illustration are interacting - it almost feels like it was just tossed on the picture at the last minute...? I'm not sure.
It's a fair cover. I agree that the text doesn't quite interact appropriately with the rest of the cover. Also, her smile kind of weirds me out, as does her malformed breast.
Marketing meeting: 'So... how can we make this naked wolf look like a naked vampire? But let's give her beaver teeth so nobody accuses us of the vampire thing.'
After all the crap they've pulled with Yen+, this doesn't surprise me at all.
http://yenpress.us/?page_id=560 says. First volume in December this year. The following volumes, up to volume six, are being released over the next two years. Apparently there are twelve volumes in total, so meh.
At this rate, why not just sell it with a blank cover? Ugliness may lose sales. Its easier to just have a plain cover with no art, just the printed title.