Current state of Forgotten Realms

[Arnwyn]

It isn't a Player's Guide, and it's either indispensable or very dispensable depending on how strictly you follow the rules.

Exactly so. For me, it's the only FR product (other than a couple of old Polyhedron Everwinking Eye articles) that I don't own... and I don't miss it one bit. (And I play 3.5.) I found it valueless, and in some cases counter-productive (read: new method of Regional Feats). I'd say the update to the Spellcasting Prodigy feat was the best thing, but I had long since changed it (to exactly what 3.5 did) already... :\

If your players aren't interested in having their characters travel much, then you probably don't need some of the regional sourcebooks. However, my favorites in recent times includes Shining South and Serpent Kingdoms, which both detail regions never detailed before in any edition of FR.