I have to say I am tempted. Amazon has the Rules Compendium for $13.46 and you are getting 320 pages, which is pretty nice. Heroes of the Forgotten Lands, same price, 368 pages. So for the price of LESS than the MSRP of the original player's handbook you are getting double the content (sort of, minus half the races and classes!)
And when you think about it... Heroes of the Forgotten Lands contains ONLY 5 races and 4 classes yet has more pages than the original player's handbook, which contained all of that and a lot more. It seems quite expanded.
One question I have is the paper quality. Is it the same paper stock as the hardcover manuals? Is it full color? I hope so.
So as it stands now, I think I will pick up the first 2 books mentioned above, and play it from there.
I admit, I will miss the hardcovers but it is forgivable for what will hopefully be a more accessible product
On the flipside, if you are a new player and want to play a Tiefling Fighter... now you have to reference 3 books just to do that one thing! A step down from the old way of doing things... we'll see how this works out.