So the Shenmue anime is out, at least the first episode. Just watched it.
Outside of the strange change to Nozomi's character design (why?), I'm pretty happy with it so far. I wish the animation was OVA-quality, but it's a TV series, so...
It's very faithful to the games in the best way. The musical themes are there. The locations look perfect. The characters seem right. Ryo is using actual fighting moves from the games (and the animation is higher quality in the fighting scenes). The deviations from the game's story are slight and serve to make the story work better in the TV show format.
As a Shenmue megafan, I am pleased. I can't be sure how the show would work for someone who doesn't know the games at all, but I think they're doing a solid job. I want to see how they condense/adapt a lot of the times where Ryo is wandering around and what exactly they'll keep from the game's plot. (Phone calls, conversations, etc.)