Hmm. I'd rather see an actual revised PHB. This just looks like Essentialized filler.
Hmmmm, lets see... We already have a Rules Compendium that has effectively all the general rules from PHB1 and 2, and a good bit of PHB3 stuff. So lets see, what do we need reprinted that is in PHB1? Combat rules? Nope. Powers already present in HotFL and HotFK? Nope. Races? Nope. Magic Items? Nope. Skills? Nope. Feats, yeah somewhat. That basically leaves lets see... I know, CLASSES!
I mean honestly, what else do you want to see reprinted? The PHB1 classes are THE one thing that both really needs an update and isn't already present in a brand new book in the new format. We'll get a bunch of the original classes with some slight polishing, maybe some cleanup of some powers, all the errata, etc. We will also apparently get many of the feats that haven't made it into the new books or that need an update or whatever as well. Then we'll get some new feats and some sort of rule for swapping Martial class features with encounter/daily exploits or something along those lines, which I really don't think is a bad thing. Maybe we'll see some material from MP1 and MP2 as well, hard to say for sure.
Anyway, seems like EXACTLY the book that makes the most sense for them to put out right now. I think it is useless to wish for the hardback format to return. It was nice enough, but honestly the binding quality on the 4e hardbacks is pretty questionable anyhow. I think these paperbacks are both going to stand up to hard use better AND they're cheaper. What really is not to like?
I mean if you just dislike the older stuff, well then don't buy the book! If you DID like the older stuff then this should be a great book, though probably not really vital for people that have DDI and all the PHBs/Power books.