Well, when I first got the Kalamar Campaign book for 3e years ago I was excited, but quickly became bored with it due to it's style... after a while though I really got into the setting (more to do with the other source books). When I went back to my campaign setting book I realized it's one of the best ones I've ever had. Sure, I don't find it a good one to sit down and just read cover to cover, but as a reference book when running a game, it's awesome!
I have had some of the best games I've ever run set in Kalamar (and my player's agreed). We didn't find the names a big deal and I loved the "realism" behind the geography. Also, the way the different cultures are setup feels "right" for some reason. I'm also a fan of "rare magic" settings where it's there and there are powerful items/casters, but they're not common or seen all the time. It really is a setting where the PCs get to be the heros.
Anyway, if you're interested in a setting which has lots to draw on but gives you lots of room to develop your own game, I highly recommend this setting.