It's sitting right there next to Warlords of the Accordianlands in the "products I'll probably never touch with a 10 foot pole just because the name sounds so incredibly stupid" category.
I illustrated parts of the book, so I got my hands on it as soon as it was done (comp copies, yay). I wrote up a review of it on my webcomic forums. It's my first proper review beyond 'this is cool', so comments are welcome. (I'm fully aware that my connection may prejudice proceedings, but I like to think I'm being fair here.)
The book is almost completely about characters, not setting or metaplot or anything. I reckon you could use quite a bit of it elsewhere.
The name? There's enough in the book that you know it refers to a big genocidal war fought between certain elven factions in the past. That's really the theme of the setting.