I liked it personally, and it was also nice to see them do something with Overlook even after the Scales of War path was finished. Not that he can't be added to any major city of course.
The stats are not a big issue for me. I think the idea was that you can set him however you need to depending on level. Maybe he's heroic tier, maybe he's paragon or even epic. Point is, you can stat him up how you want. For me this works better anyway since I generally prefer to alter, and/or make my own monsters for major fights anyway -- certainly the "bosses" are my own creations at any rate.
Granted, this doesn't make it quite as plug and play -- at least not if you want to use him as an enemy -- but then I also feel that based on the background given, if you want to make him an enemy, then you'll be needing a fair amount of adventure writing anyway, so you can just stat him up when you are designing your adventure. He's not an enemy who just shows up as part of a random encounter, rather, he's the focus of an adventure or a storyline.
At least that's how I see it. By not giving him stats and by giving him access to items of all levels (albeit some of them not so great) you have a character who could conceivably be used at any point in the campaign.
