Similar to Druid, one of the decisions you'll want to consider at any time, but usually early on, is if you are interested in all the benefits that come with being a Lycanthrope. While I use the term “werewolf” here, the skill is actually called Lycanthropy.

Werewolves melee combat used to be exceptionally good and while it still is great, has been nerfed somewhat. They get very nice buffs still, however. The survivability and utility that comes from making this life decision may also make leveling quicker and more enjoyable for many players. Also, werewolves get some great craftable armor and their forge is in an easier to use location than the Dwarven or Orcish forges. One last major benefit is that they are one of the few forms that can change between human and animal form without any real drawback.

The main drawback is arguably much more hefty than the Druid decision at present, however. For three days each month, the full moon will be out and you will be forced to play in Wolf form. Worse, you are forced to play in whatever wolf form you are in when you get turned and if you try to change to another Wolf form, you will be forced to be the generic wolf form.

While this change may seem like a small tradeoff, three days is a very long time for some players who play on a daily basis. This can hamstring any major projects, harvesting, or crafting you were planning on doing, especially if you needed to be in human form to do it. A final drawback worth mentioning is that while most animals are fine with wolves, there are a few foxes in Kur that are afraid of and have runes warding away any wolves from their camp. One fox refuses to talk to wolves because they are too scary, even.

I personally was told, and would also recommend, that if you want to play Werewolf and you've already invested in a character with level 40 or higher combat skills, just make a new character specifically for it. That way you can enjoy how it works without affecting your “main” character. I do know several players that “main” Werewolf though, and most are perfectly fine with it, they just have a secondary character for crafting skills in most cases, so you can definitely play primarily as a werewolf as long as you don't mind using a second character for your crafting needs without limitations.

If you do play Werewolf, I would also highly recommend a good guild with at least one high level Armorsmith and one other Werewolf character that can help you learn the ins and outs of it.

Harry the Wolf is near Therese in the Serbule Garden area if you want to get bitten and become a wolf. He'll be your replacement for Joeh and Marna while in Animal form and will buy a lot of goods from you that you otherwise couldn't sell while forced to be in wolf form. You'll want to work on becoming friends with the NPCs in Animal Town in Sun Vale as well.

Also, just like with Druid and Animal Forms, I have little to no experience with Werewolf and it's possible there are other limitations that you should be aware of, so please confer with an existing Werewolf first before making this decision. Werewolf is currently the most restrictive and permanent decision you can make in the game as far as I know, so the decision should NOT be made lightly if you've already invested time into being NOT a werewolf.

Now, with all that said, I would say that if you really want to play as a werewolf on your main character, just do it. There's nothing stopping you from making an alternate human character, and the werewolf population in Alharth is down a bit from the days when there were werewolves all over the place. It's kind of a rare occurrence to see wolves anymore what with all the other animal forms running about. Also, wolves are kind of unique in that they can easily get Favor for storage at multiple locations while playing through their first few combat skills, whereas other animals can't switch back and forth as easily and still level their other skills except for Cow (and Deer if a Druid).