Yeah, almost all of the modules are updates of old favorites, like Annihilate the Giants, Quest for the Unknown, and White Doom Mountain.
I read somebody complaining about the complexity of it all, calling it Chartmaster, and Turnmaster(Page turning, that is). But the funny thing is I recently broke my brother and his friends, all 15 to 16 on it, and they had a blast running Little Keep on the Borderlands. I think style-wise it is a real good game to break people in on. If they've been weened on Diablo and the like they know the drill. You can then use some of the funnier skills like Snappy Comeback et. al. to get people into the game. The mandatory mechanical penalties randomly enforced at character generation personalize each character and make it easy for a new player to have hooks for his character AND make characters memorable. The real con is how money intensive it is, but for a game 5 years old that didn't go big guns you can find everything online in conditions from gently used to mint for less than half retail, even with shipping and handling. The books at the prices you can get them for are good deals as they are crammed with material(very dense, small, uncluttered B & W drawings)So for about 100 dollars you can get a lot of books.
Edit: I'd just like to add that the new players didn't think something this rules heavy was out of the ordinary, as it fits the common conception of what D & D is/used to be. A simpler time where people worried less about "immersion" and not being a "min-maxer" and more about dungeon delving.