Excellent news. That would rank as the most useful supplement I can imagine. EnWorld often fields discussions about getting new blood into the hobby. Bringing back the classics in a real and organized manner seems like it would be a huge boon to non-grognards.
Agreed 100%. For me, it's subtle, nuanced changes that make for an innovative setting, not lazy, broad brush strokes that simply play "hide the wizard".
Characterizing other styles of play as immature or flawed ain't gonna garner you a lot of love around here. Then again, there's a certain flavor of commentary that goes a bit too far in the other direction. You should feel free to find a group of gamers that play to your tastes. If you want...
Off the top of my head:
Reciprocal Gyre went from being invaluble to an oddity. It now does a 1d12 per spell on the target.
Familiar pocket is now 1st instead of 2nd level.
Anticipate teleportation is now 3rd instead of 4th and has a duration of 24 hours. I think the greater version dropped a...
Discounting the curious circumstances needed for one to fall at the cliff, it all depends on whether "Fred" and the wizard in question are the same person. Assuming that they are, the most important detail is whether the two exchange names and pleasantries after the rescue.