I haven't read through the whole thread, so apologies in advance if anything I say has already been hashed to death.
Let me start by saying that I absolutely LOVE what Paizo is doing with Pathfinder. What I've seen of 4e really doesn't do it for me, even though there are some things I will probably incorporate into my 3.x game. However, Pathfinder has me geeking out about D&D again in the same way 3E did back in 2000.
On to the crunch:
RACES: Mostly, I like what they have done with the races. The only issue I have is the additional ability bonuses. While I will probably keep the floating +2 bonus for half-elves and humans, I am leaning towards dropping the other races' additional bonuses (bonii?). I already dropped the Charisma penalty for half-orcs in my homebrew setting, and I just don't think that
all the races need to have a net +2 ability score bonus in order to be a worthwhile choice. That's what all those special abilities are for, right?
CLASSES: For the most part, I love what they've done with the four classes in the Alpha 1.1 release. The low-level rogue talents and fighter training/mastery powers are great. Domain and school powers for clerics and wizards are just what the doctor ordered, though I do take issue with the fact that most of them are simply spell-like abilities. The flavorful powers (hand of the apprentice, artificer's touch, touch of chaos/evil/good/law, etc.) are SOOOOO much more interesting than
chain lightning 1/day, etc. I would really like to see future releases replace as many spell-like abilities as possible with more flavorful powers.
SKILLS: I prefer a skill point system over the "choose these many skills, get max ranks in those skills" that Pathfinder is doing. However, I love the way they consolidated the skill list (esp. Perception; rules for all 5 senses is pure awesome!), and so in my home games I will still be using skill points, just with the smaller list of skills that Pathfinder uses.
FEATS: No complaints about this chapter whatsoever, especially since they got rid of the whole "to use this feat, you must have used X feat in the previous round."
SPELLS: I haven't actually looked at the spells yet, but I'm assuming they are pretty much the same as in 3.5, just incorporating the changes to combat maneuvers.
Overall, I am mighty stoked about Pathfinder, so much so that I will be renewing my subscription (which I had let lapse after 4e was announced, thinking my days of buying D&D products were done). In my personal opinion (and it is only MY OPINION, so please no flames), WotC is producing a whole new game, while Pathfinder is continuing the traditions of D&D that I've known and loved for the past 16 years.
Great job, Paizo! I can't wait to see what you guys do with the rest of it!
EDIT: Any chance of getting a release date (or even estimation) of Alpha release 2?