Are there any, other than looking fantastic? Just hit warden last night, and as near as I can tell it's the same, except I feel a little faster. And that might just be the wolf running animation.
Rather large Power, Hitpoint, and Armor buff as well as see-invis (which are all mentioned in the spell description ) I would imagine eventually when we can upgrade the spell that the bonuses will be huge, but even at app1/2 it is worth staying in the form all the time for the power/hp/armor No faster, have to cast SoW separately.
Mine goes off for 20-25 damage. I have App2 as of now. But, in response to original poster, I actually feel slower as a wolf lol. I dunno what it is.
I'm a halfling and the wolfform feels slower to me because it makes me taller. As your POV moves away from the ground you seem to move slower, even though the speeds are the same. Try creating a gnome, then an ogre to see the difference clearly.