I really liked 1st edition BESM.
It was fast, fun, adaptable, and a good rules-light game. You could probably condense the rules down into a single double-sided page of paper with small-but-legible font if you tried.
2nd Edition seemed to add too much "stuff" and took away the rules-light fun. I'm not normally one for the rules-light thing, but that game seemed to work for it.
It probably helped that we tended to play more silly action type anime games with BESM, like a campaign that was a blend of Ranma 1/2, Urusei Yatsura, and Tenchi Muyo. Those settings would feel all wrong with a complicated game.
I was aware that Guardians of Order collapsed, but not just how messy/big the failure was.