My take...
Point Buy Ability Scores:
IL looks like it handles stat generation pretty much the same way I do in my own LM game and keeps the players on a level playing field... I tend to hand out a generous amount as well to the help survivability. I'm hoping that IL will hand out stat bonuses much like the way it's handled in Conan:
+1 point to all ability scores every X levels. That will also helps maintain game balance at higher levels so the stat disparities don't grow too great.
Base Defense Bonus:
Not much to comment on here other than I can finally have a truly viable "Duelist-style" character again...
Armor and Damage Reduction:
Yeah, I was speculating on ENWorld that it would either be like this (Alternity-style) or reducing the damage die in steps (a la Earthdawn). I've used this style of DR before and I'm okay with it, it is one of the better ways to handle it indeed. I understand the reasons why Mike has decided to forego giving natural armor DR, and it will help out in play, but there will always be that logical disjoin...
Skills Matter in Combat:
We were just discussing skill groups on ENW barely a week ago. Consolidation and simplification is good and I'm glad to see it here. And now it looks like the warrior classes are about to get
a lot more interesting with combat skill use. Can't wait!
Expanded Feat System:
I like the sound of this too. My hope here is that Mike has tweaked the balance of the feats themselves to better balance them against one another. I would hate to see one or two combat styles completely dominate in the game. In another take, Sean Reynolds had come up with an interesting idea where feats had a cost in "feat points" depending on their value in-game. I know it wouldn't be used here, but it was an interesting idea...
Combat Tweaks:
All of these sound good. It looks like IL characters will have a whole array of tasty combat options with stunts and challenges. The simplified AoO sound good, I just hope it doesn't slow combat down too much.
Character Traits:
Another good idea, and one I also use in my own game. I'm curious to see an example of this...
Magic:
The skill-based magic sounds like a lot of fun. I love the "create an effect on the fly" idea - I have high hopes for this so long as it's not too unweildy in play.
Tokens:
Hmmm... I can take it or leave it. We'll see how they're used but I'm usually not big on poker chip powers.
So far, so good...
Cheers!