I'm absorbing it in small portions.
Skimmed the classes, read the feats chapter, read the skills chapter, read the stat generation and classes again.
So far, I really like what I see. It seems really suited to go on an epic-style combat binge.

My biggest beef with dnd is that combat gets so burdensome. Iron Heroes seems to pump some life into it though, makes you think about what you're doing and why rather than "I swing at the ork."
I'm not sure I understand how the skill challenges work in practice, but the concept is really neat. Haven't read anything about the combat challenges yet.
I *think* however, that I'd houserule magic items into any Iron Heroes games that I ran. No where near as many as DnD, but still I like the idea of the PCs having magical gear (1-3 items each).