From what I can tell, it seems to have completely thrown any ounce of competitive play out the window. I can't see a reason not to take 100 daemon princes, or 100 bastiladons and call it a "fair list." Maybe I'm missing something or there'll be a full rules release later on...?
My army, Bretonnia, seems to have gotten just ludicrously simple and broken, hordes of knights of the realm hit with 4 attacks a model and have no semblance of the knightly charges of old, men-at-arms once rightly the worst unit in the game, now hit on a 2+ and re-roll armor saves of 1 or 2 (if kitted out with a paladin and full command), and bowmen just set up undefined lengths of auto-death dangerous terrain that can't be removed and doesn't affect friendly models. I'm intrigued to play it, as new anything interests me, but it really does seem to break down at anything above two friends playing around with five or six models each.
The way the rules have been drafted reminds me of the games I used to dream up as a child, you know, the ones where I would always win and the rules would change on a dime to best fit my megalomaniacal need for attention and power.
At the end of the day, it seems like the winner would be the fella who bought the most stuff on his last strafing run of a GW stock shelf. Goodbye points, hello money!
What this game does make me interested in is digging up an old copy of the Mordheim rules and having some fun with a proper fantasy skirmish game.