Well I think it is great news. I loved what they did with SAS and D20 and I thought their D20 work was highly underrated. Its rules were clear, concise, and they made sense.
While I don't really care for the Tristat system, their implementation of d20 was brilliant. I thought their rules for most things were far superior to D20 Modern. Their combat rules made sense and worked. Plus, they had a sections devoted to designing superhero games which were not only inspiring, but really showed they understood the genre. I also loved the gaming creedo at the beginning of the book, and I make my players recite it before each session (well not really, but I did print it out for each of them). Plus they had some other great RP ideas and tips... Plus they had...
As far as the HP thing, you can adapt it to make it gritty with ease. Just check out some of Mongooses posts on what they are doing with their B5 license.
I only have one small trepedation, and that is that I hope they don't follow the SAS precedent of making a Deluxe Tristat version in color, and the D20version in B&W. I know they want to support their own system, but it is just plain not fair! Either make them both color, or both B&W... please?
I can't wait. This is the best news!
Razuur