Yeah, that's really all there is to it. It's actually pretty educational in its manga form, if you're interested in learning about underwear, but it gets by based on its cuteness and its frequent panty shots. Are you excited yet? Actually, there are a few reasons to watch this aside from the obvious.
Starchild, as they tend to, has gathered up a stellar cast, with Chihara Minori in the lead and some up-and-coming stars like Hikasa Youko (AKA The chick who played Mio in K-On!) and Yahagi Sayuri taking on the main roles. They'll obviously be singing the opening and ending themes as well, so you can at least count on good acting and decent music.
We'll see what happens with the underwear, I guess...
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