High on the fan service, low on the TF. I inform you now, it's a poof. However, the setup is awesome.
8:49 is the real good stuff. Though even right at the beginning there's a part where a mermaid is splashed with water and has a tough time resisting her transformation, which some of you may like.
There are a few other instances like this in the series, if anyone's interested I could dig those up later.