I like it. Yes, the Orks (not orcs, though they share the same modifiers) are seafaring, and yes, the dwarves ride horses, and the elves are lawful, but that's all part of why I like it. It doesn't follow the D&D stereotypes, plus it has a good backstory to it. Also, if you like the system, the monster book has several interesting monsters, and it's chock full of interesting tidbits (for example, one of the entries says that it's considered a dwarven delicacy), as well as uses for the monsters after they're dead, as well as Dragons and Bahk (basically, giant magic hunters who can't use magic).
Also, the magic system is a lot more "practical" than the core D&D system (where did they come up with the number of spells/level/day?), since it has a practical limitation (subdual damage) instead of an arbitrary one. The only possible problem with it would be what races are good at what (or, alternatively, what are they bad at?). Deception, misdeirection, travel, flight, or similar things would be air; healing, building, transmutation, etc. would be earth; sea travel, communication, etc. would be water, and heat/cold, scrying, etc. would be fire. It is possible for a race to be good at more than one type of magic, but it's rare to the extreme (except in dragons, and they're pretty much a special case).
I do suggest getting it. A fighter/archer is a dangerous thing...