First I would like to say that I haven't read this whole thread, so if I repeat something talked to death forgive me.
I started up a new campaign this week and we decided to give the Microlite system a run for its money. Here are my observations of the evening.
1. The cost to cast spell in HP was severely limiting the Wizard and Cleric at 1st level. The wizard could only cast MM twice and was tapped out and forced to throw food platters. This seems like a little too little spellpower. I put in a stopgap fix of letting the wizard use MIND instead of STR for hitpoints and letting the cleric choose his stat of HP giving.
2. Over 1/2 of the on-the-fly combinations of skill/stat to cover a situation seemed to come up physical/dex. Not a gripe, just an observation.
3. The monster write-up download page was pretty handy, however it needs a bit more info included to be REALLY handy. I suggest a Traveller style line with the 3 stats and 4 skills listed thusly S/D/M

/S/K/C (example for a beefy monster 7/1/-1:8/3/3/3)
4. I subbed in making opposed PHY: DEX rolls when avoiding AoO situations. It worked well.
5. We used minis, but not a grid. When someone was close to melee but not in melee I let them make a DC10 PHY: DEX roll to "charge". It didn't make sense they couldn't step up AND attack when they were only 5 feet away from the action.
6. With as much trimmed fat as there is, I cannot believe that the kooky twin-weapon-fighting still made it in. I instead use the following rule.
Off Hand: Having a weapon in your off hand give you +2 on attacks.
More observations next week, they are off to save the princess!
DS