At first, I was really excited about this, but as I've read more, I'm growing increasingly less gung ho for it. Here's a few reasons why.
Point-Buy Ability Scores - I hate this. It fosters a politically correct, everyone is equal state of mind. I realize it's for game balance, so Joe doesn't have 5 18s and Tim has 5 9s for stats. But so be it, everyone is NOT created equal, else I'd be pitching for the Yankees alongside RJ.
Armor and Damage Reduction - This I like in theory, but contrarily to what Mr Mearls says, I believe it will slow game play down. It might not if the dm just rolls damage and lets the player roll his d4 or whatever, adjust the damage, and go on with play, but in my experience, whenever someone is rolling a die for any reason, play grinds to a hault while everyone watches breathlessly to see if Joe takes 5 or 6 points of damage.
Skills Matter in Combat - Again, in theory this sounds cool, but 3e combat is slow enough already. This just seems like more ways to slow it down further. Cool ways, maybe, but still.
Tokens - There are similar rules to this in many games, and I'm not fond of them. I like to let the dice fall where they may, and this seems like hedging your bets.
PCs have a heroic stature. They are stronger, smarter, and faster than normal - This I really don't like. I lie the old AD&D method, where pcs were considered no different than the ordinary Joe, except for their training. I don't want to see pcs throwing boulders and wrestling fire giants to the ground. Slaying the giant is cool, but a 6 foot human putting a giant in the camel clutch is a bit much.
That said, I do find a lot of things I like about Iron Lore, most notably the lack of having your toys define your character. I'm gonna put this one down as a "wait and see." I'll probably pick it up anyway, cuz I'm a gaming whore.
