Please skip directly to chapter 35. No one will object. Continuity be damned.

[Update: I was going to add a comment to Ubu's discussion, but it's fallen off the front page. He poked fun at the R+V manga fanboy who whined that the anime was ruining a "serious romantic story". Now that I've read up through chapter 40 (volumes 1-10, with ~80% comprehension), I think I'm qualified to answer that. Or, rather, I'll let Tsukune's poor, bewildered cousin Kyouko answer for me:

この学園の正体ッ
それは...
風俗ね!!?
えっちなお仕事の専門学校なんでしょ
ここーーーッ

For the kana-impaired: “Kono gakuen no shoutai, sore wa… fuuzoku ne!!!? Ecchi-na o-shigoto no senmon-gakkou nan deshou, koko!”.

Translated: “This school’s true character, it’s the… sex trade, isn’t it? This place is a dirty-job vocational school!”.

Admittedly, by showing up unannounced during the school festival, she’s gotten a slightly skewed view of things. Fortunately, she wasn’t there when Kurumu’s mom met Tsukune and offered him private lessons…

On a related note, following the usual shorten-to-four-mora pattern, Jump Comics refers to the series as RozaBan. Respectfully, I submit that it should be RozaPan. There’s not a panty-shot in every frame, but there are plenty to be found, and alt-Moka’s pantsu-fu fighting style guarantees that they show up even in the middle of the most serious battle.]

[Update: Note to people following the scanlations: chapters 39 & 40 will feel like an abrupt end to the series. 39 was in fact the end of its original serialization, and 40 was a one-shot. It started up again recently in a different magazine, Jump Square, as “season 2”. My guess is that the next collection will show up around May.

Meanwhile, the DS game will be out in March, based on the anime character designs. The screenshots make it look like a dating sim (surprise!). The title (「七夕のミス陽海学園」 = Tanabata no Miss Youkai Gakuen) suggests a beauty contest, with Tsukune picking the winner. And it’s set during the “star-crossed lovers” festival…]