At least until the upcoming stuff for Trailblazer comes out, I think a complete use of Trailblazer supplemented from the SRD to make a full game would result in a game that consisted of more SRD stuff than Trailblazer stuff. There's a ton of excellent, well-presented mateiral in Trailblazer but it might be less than fifty percent of a whole game on its own at this juncture.
You can think that, but thinking it doesn't make it true.
Trailblazer is an (almost) complete PHB. It simply lacks a complete spell list, though it has complete rules on spell-casting, and a list of magic items. So, until Bad Axe Games releases books about magic and magic items, you need the Trailblazer book, the Spell Compendium, and the Magic Item Compendium (which a lot of games already keep handy). And a monster manual (unless you make up your own), which is also getting a Trailblazer version. You
don't need a DMG (unless you lack MIC) because all the relevant rules are in the Trailblazer book.
It is no more low-magic than D&D 3.x is low-magic. Which means you can play a low magic game but the PCs are going to have it rough. The rest mechanics do make it easier to have a 4 encounter (or more) day, and allow nearly-full recovery between days, but that's the extent.
Compared to D&D 3.5, it is simpler to run, less obsessed with having all the monsters on the exact same rules as the PCs, and firmly believes in DM-empowerment (it encourages you to ignore or change what you don't like, but to think about the repercussions of those changes in your game).
It's also a fair bit easier to play (though I'm finding myself annoyed with the CMB / CMD stuff, as it's not any easier than the 3.5 rules were), with improved character survival (extra 1st level hp and no automatic death at some -hp).
I'm enjoying it a lot. Not enough to come back to the chimera that is 3.x, but enough to finish my campaign with pleasure.
