I too am one of those people that see the SL bandwagon riding by but not sure if I should jump on.
I'm not a SL expert, but I am a fan of the setting and I can at least give you some preliminary answers, before the "experts" come along.
I have a number of direct questions about the SL setting.
1. What is the land/adventuring area equivalent to the FR? Ghelspad appears to be roughly equivalent to Cormyr/Dalelands by my eye.
Can't answer this one. I don't really know FR that well. I can tell you there are a variety of geographic locations on Ghelspad (and that's just the one continent) that range from lush forest, to cold mountains, to scorching deserts, and just about everything in between. There are certain areas that are just completely infested with titanspawn (i.e. nasty monsters) and unfortunately for the civilized folk, they are in the interior of the continent, so if you want to get from one nation on the east, to one on the west, you may have to go through some monsters or else take the long way (one way is through the Calastian empire, which may be more dangerous than the titanspawn).
2. Are the roles of the core races similar or does the setting really challenge the stereotypes? Dwarves -miners? Elves- wood dwelling, etc.
While there are certainly dwarven miners and elven rangers, there are plenty of examples of challenges to the stereotypes. I had one player laugh when I told him that a dwarf from Burok Torn could have wizard as a favored class. One of the richest arcane traditions within Ghelspad are the dwarven runewizards. There are the "non-evil" necromancers of Hollowfaust, many of which set up healing clinics. There are also halfling fighters, half-orc sorcerors, and anything else you can imagine.
3. Are the evil races still goblins, orcs, kobolds, gnolls, etc? Are there new core evil races? Can the old ones still be used?
Goblins and orcs yes. The other's I don't recall reading about, but I may have just missed them. They certainly fit with the other races and could be slipped in without anyone the wiser. The titans created a wide variety of races, often at a whim, and a large number of them are composed of characteristics of animals and humanoids, so kobolds and gnolls fit perfectly alongside, say the sutak (horseheaded humanoids) or the assathi (alligator headed humanoids).
4. Are creatures from MM still used? Do they upset the flavor of the setting?
The creatures from the MM are 100% compatible. In addition, the world's history gives an explanation for the extensive variety of creatures, as the titans would create a race and forget about them, or after they were slain, their blood would mutate a variety of creatures. Many races were created by the gods or the titans just to fight in the war between the two. Dragons for certain existed (at least at one time, they haven't been seen recently) as have many other "old standbys". Of course, CC and CC2 have lots of great creatures...
5. What is the political structure of the land? By the supplements it appears to be city states rather than nationstates.
There is essentially one major nation that seeks to conquer the continent. They have already absorbed several other nations. A few nationstates and independent city-states still oppose them. The world is rebuilding after the divine war, 150 years ago, so any nation is somewhat tenuous, but there are at least as many nations as their are independent city states. The supplements focus on the city states, I think mainly because a city is easier to reduce to a single book.
6. Clerics are one of my favorite characters. Is there enough variety in the panthenon without creating my own gods.
There are 8 gods and at least 3 demigods. They are at least as comprehensive as the Greyhawk gods. The gods and their domains are in balance with one another leaving little room for additional gods without disrupting this balance (although it could be done...)
7. The titans vs gods intrigues me. Do the denziens of the SL fight over the two? Is there a contingent of people who still worship the titans and those who support the gods?
There are still a large number of those who worship the titans, although most worship the gods, they did win afterall. The average person in SL worships several gods, depending upon what he or she is praying for. Some even worship BOTH the titans and the gods. There is an extra twist since Denev, the titan, helped the gods in the war, she is worshipped by many followers of the gods, although some clerics frown on this practice. Other titan worshippers despise Denev and her followers, considering them traitors.
8. I don't have the time to write my own homebrews and I'm generally like to stick to canon for a setting. Is this a packaged setting which is "ready to run."
Yes. There are plenty of threads on these boards about what books you need to get started. My recommendation is to pick a city book you like and use that as a homebase, pick up a monster book (CC2, CC1 is being revised) to fill you in on the major threats, and then get the Ghelspad hardcover, or, if you are on a budget, the Gazeteer, and you are on your way. The other books are great, too, but that ought to be enough to get you started and probably enough to sustain an entire campaign.