I didn't had the chance yet to read everything, also the bad Art and missing things stopped my enthusiasm for it, but it is not all bad!
The base rule seems easy and interesting (I really like that there are no differences between Attributes and Base Skills but everything can be split to Specializations and Masteries, in fact most Test are rolled from a combination from your Main Skill+Specialization+Mastery) and while there are no Monsters, there IS a system for generating them for specific Challenge Ratings.
Also the Magic works freeform (you learn Schools like Harm and Summoning and can cast spells on the fly), but you still have many ready-to-use Spells in the book.
The Character Generation is point-buy, so you are not restrained by classes, but on the other hand you don't have the advantages of classes (niche protection and balance) ... if that's good or bad depends on your preferences.
So all in all, while it is not good for no prep Games, it could still be great for planned Adventures/Campaigns. If they would have only made the book a bit thicker to include the missing things, swapped out the Art/Layout and used Hardcover than it could have been a GREAT game for everyone, now it's more a rough diamond that still have to be polished.