I, for one am happy he is back. I would note though that he's not really a 'systems' guy, but more of a world builder. His main skill will be making the fantasy world of Vampire culturally and politically relevant to the real world again.
With regards to the system, the playtest packet was clearly a formative thing - I doubt the final product will be the same. The main things for development would be the skill selection, really. The actual core mechanic (difficulty 6; no botches, no rules of 10, etc) was actually quite promising because it's strips out a lot of the convolution in the gameplay back to being 'simple and elegant' (as per the original game's brief). The storyteller system should not be a crunchy system. I also like the fact that if the target is 50/50 for each dice, you can basically use any type of dice in the pools.
Honestly, I'd like the system to go back to the basics of Prince Valiant - which is where they got most of their system ideas from. We don't need to go as far as coin tossing, but having three core stats and a tidy list of skills would be the basis of everything else really.
