<shrug> 'meh
I listened to the podcast and felt their excitement about what they are creating. They genuinely are stoked about their version of the realms, and are trying to make this version as much fun as they can. Its also clear that they are focusing their work towards new players and GM's which for WotC is a mantra for 4E. They admit to owing a lot to the older fans and wanting to hook in those same fans while making things new, surprising and mysterious.
But there are still things about 4E FR that don't sit well with me.
Just as the design goals for Eberron (when it won the setting contest) were that the setting had to be able to include everything that was part of D&D, FR now has to include everything that is part of 4E. So since the game designers created a new version of the Dragonborn race, the FR setting team now had to justify a way to make it fit in FR.
They believe that the changes they've introduced flow naturally from FR history. But in a number of very important examples (the death of Mystra and the geographically challenged Spellplague to name but 2, the changes appear to me to be overly clunky and contrived.
And the comment that "If you are an old player, all that stuff on your shelf is still pertinent" made me chuckle. In the start of the podcast they talk about how everything is changed, brand new and mysterious ... then claim that the stuff on your shelf is pertinent.
WotC needed a setting for 4E, and FR was the logical choice as its the most well known. My preference would have been that WotC create a brand new setting that really highlighted 4E's system rather than changing the Realms. But on an intellectual level I can see what WotC is trying to do, and for the success of 4E, I think its the right direction to take.
As a long time fan & GM of the setting, I see that many elements of what attracted me to the setting, and what are core to my FR campaigns have been deleted. What WotC is attempting to sell, just doesn't "feel" like FR to me.
One fan's opinion.