Verdict after watching the entire series:

When the series started, everyone was kept wondering if the series would be BL or have a true BL element. By the end of the series, the answer is halfway between a yes and a no.

So the Way/Kim ship really did materialise in the sense that they do turn out to have affections for each other. However, in a modification of the body swap concept, Kim does not really swap bodies with Pan--it's Pan switching between two bodies, and Kim has actually died. Like the characters, we realise in retrospect that Way and Kim do love each other, but nothing really comes out of this because Kim has died.

To be sure, the ending isn't exactly Make-Our-Days-Count sort of awful, it still doesn't sit that well in a series that has spent most episodes being really fun and lighthearted. To its credit, the ending doesn't is not made to seem all that sad, but it is not really a great twist that Kim is actually supposed to die from the start. Also, everything about his affection for Way is inferred by his past actions, and we don't get to see Kim expressing his love for Way. (Couldn't there have been a couple of flashbacks to the time before Kim dies? E.g. how about a flashback to the time he booked the air tickets and wrote #waykimforever on them?)

Yes, I do get it that there is supposedly some deeper message about treasuring today (not unlike MODC), but is this really the sort of message that will be delivered with impact in this series? In the end, the most interesting thing I can imagine the series doing is to make fun of such messages, like how it good-naturedly makes fun of (or at least have fun with) concepts like body-swapping, BL shipping, etc.

The BL element aside, the Pan/Khet story is cute, with Ohm delivering a show-stealing performance as Khet despite not having exactly a meaty role to play. Khet is the most consistent and believable character in the series whereas something doesn't quite add up with the character of Kim despite all the interesting twists.

I actually think the series has the potential to be a classic if it has a better ending. Even if it turns out that Kim's soul has been trapped somewhere and only returns to his body at the last minute, it will be better than the somewhat affected delivering of some "deep message". I see speculations that there could be a Season 2 with Kim not dying--who knows? It would be hard because Kim's body is either buried or cremated since there's a funeral for him. A further twist is likely to stretch the limits of believability too much or invalidate the good ending for Pan/Khet. (But if you see my comments for Episodes 10-12 below, you will notice that the series does tease us with the possibility of a Season 2.)

Comments after Watching Episodes 1-3

Pan fantasizes and writes BL about her seniors, Way and Kim. Way has a girlfriend PhingPhing, but Pan (as well as her friend, Soda) doesn't care.

I have never watched a series with so many possible ships starting from the first episode. (This is not necessarily a bad thing, but it will likely prevent the series from being good BL if it even turns out to have actual BL relationships, so hardcore BL fans may not want to watch it so quickly.)

There is, of course, the ship of Pan and Soda's fantasies: Way and Kim. Despite the fact that Way has a girlfriend, it is not impossible. (We know how it goes in BL--even two apparently straight guys can fall in love.) There is an undeniably close bond between them: Kim (a star student) threatens to quit school if Way is expelled, Way hugs Kim in concern after an accident, and Kim is conspicuously chill when Pan tells him that she has been shipping him with way. Kim guesses correctly that Pan likes Way very soon after meeting her--perhaps they connect because they have something in common: they like Way and want him to be with someone worthy of him.

But if Way and Kim don't turn out to be a real ship, there are other possibilities:
1. Pan and Khet (her classmate, who happens to be Kim's younger brother): Khet is clearly very concerned about Pan.
2. Pan and Kim: the way Pan holds on to him during the bike ride, and the way Kim treats her gently is a hint.
3. Pan and Way: Pan admits to liking way though she fantasizes about Way and Kim.
4. The series even goes to the extent of having a teasing moments between Kim and Khet. They are supposed to be brothers, but Kim doesn't talk to Khet. It is unlikely, but they could well turn out to be those "brothers" who have entirely different biological parents (think: My Bromance).

In fact, Way and PhingPhing, the only real couple so far, appears likely to break up because PhingPhing is a pretentious and awful bitch (and we know how that usually goes).

BL fans who can't take BL baiting should remember that the title of the series is The Shipper, which most likely refers to Pan. If she is the focal point, its likely that her relationships will be the focus. On the other hand, Pan seems to be spending so much time in Kim's body that the actress for Pan seems to be playing a much more minor role. For better or for worse, what GMMTV has done very well so far is to tease and keep us guessing.

Nevertheless, what I really like so far is Ohm as Khet. Ohm seems to have the ability to play intriguing characters who are not the focal main characters but still steal the show from everyone else. Khet's relationships with Pan and his relationship with Kim are rather intriguing. By the end of Episode 3, I'm more interested in Khet than in Kim and Pan (we see mostly Pan in Kim's body) and even Way (too little is revealed about way so far, but this is likely to improve).

Comments after Watching Episodes 4-8
The series keeps teasing us with more possible ships, including Pan/Soda and even Khet/Way. But the ones we really want to take seriously are probably Pan/Khet (rather than Pan/Way) and Way/Kim.

The number of possible ships is either the most exhilarating thing or the most frustrating thing. Perhaps both--the series is light and funny, but it's probably not the greatest love story ever.

One twist that is keeping everyone in suspense is the revelation that Kim to be a terrible person (secretly dating a teacher and stealing exam questions through her). Is he really such a bad person? The unfortunate thing is there is not enough of First as Kim. Pan is no doubt the main character, but First gets the important role of Pan in Kim's body.

Ohm continues to shine in the episodes.

Comments after Watching Episode 9
The Way/Kim ship seems to be sailing, though it might well be a false start. It's entirely possible that Kim doesn't turn out to be a terrible person and the Kim/Way ship works out together with the Pan/Khet ship, but who knows?

I'm not going to like it too much if Khet falls in love with someone else because if anyone is in love from the start, it's him. If he doesn't end up with Pan, it will be sad. If he falls in love with someone else, it will seem out of character.

(Irrelevant: Episode 9 is also the episode in which everyone can get jealous of the Angel of Death who gets to kiss Ohm.)

Comments after Watching Episode 10-12
Watchable, but Episode 12 is somewhat disappointing, not least because Kim does not have a chance to come back to life. The "deeper messages" that the series supposedly conveys are undermined by the story itself. If we are meant to understand that reality is different from fiction, why do Pan and Soda continue writing (by all appearances happy) BL fiction to console Way? If happy BL fiction serves a function, why not give the series a happy BL ending too?

One way to get past this is to understand that the series isn't even trying to convey these deeper messages but is simply making fun of shows with such messages. After all, quite characteristically, Episode 12 teases us right at the end with a very brief scene (after the closing credits) of Kim in the spiritual world and a voice (God?) speaking to him. This is most obviously a way of suggesting a Season 2 and the possibility a different ending for Way/Kim. There's no indication of which part of the chronology of The Shipper this brief scene is supposed to belong to, however. I recall Way making a wish for Pan in church, asking Kim to help Pan by making a heads-or-tails bet with a coin. The coin magically flips: is it Kim blessing Pan from the other world or is it a conspicuously absent God doing something to help?