Kind of in between. The manga has a lot of panty shots, bath scenes with exposed nipples, cat fights with clothes being shredded, girls groping each other etc. While there has been no border line sex like there has been with Kanokon, the Protagonist does show interest in the girls. He has kissed every remember of his harem at least once, but granted that is part plot device, as kissing girls is the Sekirei version of the pokeball, and the girls power up by being kissed by their master.
That said the protagonist seems very attracted to at least two of the girls in the harem.