Ghost Hound is a blend of psychology and the paranormal that's one of the most unique things I've watched in a long time. The plot is heavily driven by the backstory, so a lot of your enjoyment may hinge on whether you find the concept intriguing. There's a lot of accurate references to psychological concepts mixed in with some pseudopsychology. It didn't bother me since the story had enough fantasy to suspend my belief, though more particular viewers may have a problem with it.
The character development is a real strength, with many characters showing real depth and their issues being dealt with in a compelling and touching way. I really connected with them as they dealt with their struggles. By the end, it showed that things really can and do get better and even after terrible things happen people can learn to rebuild their lives by connecting with others who care about them. Some people have problems with the way it ended, and while it does leave a few questions unanswered, the biggest ones are taken care of nicely and the character arcs resolve themselves well.
The animation is smooth and the style remains consistent throughout with few if any slips. Ghost Hound uses few of the visual effects common in anime, so you're going to see more sweat rolling down people's faces than sweatdropping, for instance, which fits well with the story. Though this is definitely fantasy, it's also clearly grounded in reality. On the audio side, I found the sound effects to be more memorable the soundtrack itself, as the echoing heartbeats and loud ticking of clocks, for instance, really captured the atmosphere. The sub and dub are both average, with nothing truly horrendous or outstanding about either. But the opening is fantastic, a perfect thematic representation of the show set to an awesome song.
Don't let the creepy concept fool you. Ghost Hound is more of a psychological/paranormal mystery than a horror story. It has very little action and many of its most dramatic scenes are simply people sitting around and talking. But if it hooks you, it draws you into its strange and intriguing world and doesn't let go until it all ends. It's not exactly a typical series, but it's really worth checking out. For anime fans interested in a calm, thought-provoking series or just looking for something a little different, Ghost Hound might be the perfect choice.