We have both versions, and, as alluded to, it's basically a one-shot adventure with some pre-made characters and not much attention paid to how to do anything in the game. It's less a "miniatures" game, though, which surprised me. Definitely not like Descent. I don't know if you've actually played, but Descent is rather complicated, mostly because you have to keep track of handful of different tokens.
The "Player's Kit" wasn't much better. It includes a soft-bound 3.5 Players' handbook and a summary of the rules. The basic game loosely connects to some of WotC's intro modules (Howling Horde, most notably), but there's nothing like the Basic->Expert->etc. of the old basic game.
Col. Pladoh is right, of course. I'd like to see C&C or this new OSRIC push produce a full basic game that ties directly in with the more complex game rules, market it...hell give it away for almost free... tie it in with a computer version (where you need both to play, or something).