If you want to see an example of it in play, you could peek at my story hour
http://www.enworld.org/showthread.php?t=105660&page=1&pp=40
My players like it a lot. Some things I noticed. At first, all my players wanted to be knights. Rather hard to arrange healing with no healer in the party.
This can be worked around (go to town to get healed at a priest's church).
Because "heroic single combat" is a big deal (you lose nobility points if you gang up on the BBEG), you cannot rely upon monster/NPC CR's as written. Note that Giants and Dragons are rather souped up.
While Hedge Mages don't have the blaster spells of Wizards/Sorcerors, Druids still retain their spell lists. You might want to trim the druid spell list somewhat. I also banned bards, since the minstral class was so close in tone. If you have bards, you might want to ban or modify some of the bard spells, including the shadow evocation/conjuration spells.
The spell point system is cool. There is a slight complication with different classes regaining spell points at different rates under different conditions, but you adjust quickly. Same with nobility gains/losses being tied to specific deeds (note that the deeds are "knight" oriented, and there isn't much there for ladies (unless they are knights as well)).
You probably will need to be firm and restrictive on certain things (like equipment - no repeating crossbows!) in order to keep the Arthurian theme going.
Fate and Destiny are fun, although I am more loose with both than the book says to be.
Of course, you have to rely upon your players not to metagame. Most people know the King Arthur story. And there is also the "in the shadow of BETTER knights" problem. I get around it a bit by setting the campaign at a slight distance from Camelot, in Ireland.
