It's my go-to system.
I'm currently running an urban fantasy game in it. Although I'll admit to some* house rules. I'm also also ignoring many of the little rules. e.g.: goodbye long tables of modifiers. If I need a modifier for some situation I'll give +/-2 and leave it that most of the time. Really good tactics will get a bit more of a modifier, but never more than +/-4.
I'll agree with most of what was said above. Yes, even some of the contradictory things, because there's so many rules that there's some justification for almost any opinion of the system.
hmm, what can I say that's fresh? (for the thread.)
Character creation is it's own pass time. As several folks above have said - they have so many more characters than they could possibly play. Because tinkering with character concepts to get them just right is fun. For some of us. I admit, not everyone's cup of tea. But I will say that if you're going to be doing lots of designing, then Hero Designer (a java based spreadsheet) is totally worth the $25. I'm currently doing up a campaign for Legend of the Five Rings, and I am getting soooo much value out of Hero Designer.
I love the action system for combat. Holding and aborting actions allows for dynamic back and forth between combatants.
I think it works just fine at low power levels. Honestly, there doesn't need to be much (any?) differentiation between types of swords. Or types of guns. A handgun does 1d6. A big handgun does 1d6+1. An assault rifle might do 1&1/2d6 with armour piercing rounds. All three guns will kill normal folks real fast and only tickle the ever-lovin', blue-eyed Thing.
There's a lot of little rules in the game. It is, quite frankly, over-written. Knowing which you can safely discard is too much for any new player. A stripped down version of the rules is needed.
While we're doing the stripped down rules version we really need to source some better art.
It definitely benefits from having a VTT. And there is one on...I want to say Foundry. I'm told it's great. Me, I can't get the damn thing to work. But I'm a Luddite. I do have specific characters sheets for playing (the default ones from Hero Designer are too busy by far) that make it much easier to track the stuff.
Woo. I could go on much longer. But I'll spare y'all.
*okay, lots of house rules.