My take on the whole Realms transition is positive, and that is coming from somebody who was a real fan of the Realms as a gaming setting (and who hasn't ever read a novel set there, etc.)
The campaign setting is almost purely background, whereas the player's guide contains the real mechanics aspects for altering the game rules to fit the Realms (classes, races, etc.)
My whole problem with the Realms was that it tended to be a bit static, mostly due to the fact that people had so much invested in the status quo. Things were fairly well set up, and nicely done, but in order to keep things as a universal setting for writers and game developers they couldn't really change much.
Yet, if we look at even the past 100 years of our own world's history, we can see that things can change drastically. We've had two world wars, a handful of world-changing military conflicts. The Empire that ran the world at the beginning of the century gave way to two SuperPowers who held the world in a Cold War which nobody could see a way out of -- until it ended more abruptly than almost anybody expected. The last remaining Superpower's personality and world presence has altered and changed significantly since their involvement in the last truly global war. Intelligence agencies which brooked an almost mythical level of international respect and caution have found themselves so out of touch that they've been downsized, absorbed by other agencies, or simply eliminated. Institutions which were permanent and rock-steady have disappeared.
Time marches on.
The new Campaign Setting reminds me of that.
A lot of things changed. A lot of global conflicts happened. The world moved on, and some nations fared better than others. Powers which used to be incredibly strong are now less so (but perhaps don't want to admit it) and some nations which used to be relatively unknown are discovering that when they flex their muscles their neighbours *have* to take notice. Agencies which used to span the continent are now shadows of their former selves, focussing on one simple task (and remembering their former salad days). Some nations and city-states still retain their former glory, whereas others have been diminished to the point of pity and ridicule, or international disdain.
To me, this is the perfect setting for a "Points of Light" gaming concept. Since there are no longer any sacred cows, there is nothing stopping you from placing anything you need, and anything you want, exactly where you want it to be.
If you don't like a change, you can alter it, or diminish its impact, or simply make it a part of your campaign to reverse it (how many people are going to bring the Harpers back to strength, I wonder?)
But more importantly, it makes the Realms into something fully fleshed out, fully realized, and dynamic. Changeable. Malleable. No longer stagnant. No longer hidebound by the rule of novels, and the dramatic personae imposed by hundreds of writers not wanting their babies messed with.
For now, at least, it is a giant sandbox.
I say it is a great time to play in it!
