I just have to say the early coverage about this game has me more excited to try a new role-playing game than I have been in a long time. Tavis Allison over at the excellent Mule Abides has been blogging about the playtesting he's had the opportunity to do with the ruleset. (Part one, Part one (supplimental), and Part two) I should also point out that many people are blogging about this who have played it (Jeff's gameblog, Cyclopeatron, Beyond the Black Gate, and Bat in the Attic) and all are excellent blogs.
There are several things that have me quite excited. First is the basis of the game on the 3.5 ruleset. Now the 3.5 ruleset has some serious problems, especially at higher levels of play (Pathfinder has been rather successful at functionally addressing many of these problems). But to it's credit, it has one of the more functional skill systems I've every used in a game. (Not good, and certainly not 'best' - but the list is fairly concise and for the most part, the use of each skill is fairly clear). In spite of it's other problems, this is one area where third edition was more intuitive than older versions of Dungeons and Dragons. (i.e. take the thief skill "Hide in Shadows", it makes players think no one can hide but the thief - when in actuality anyone can hide. You just do it. The skill really describes the special thief ability to hide without something to hide behind). It isn't perfect, but as skill systems go it's fairly direct and comprehensive.
Second: The old school flavor is a given, but their approach to actual Appendix N: style magic has me quite psyched.
Compatibility, a luck stat, race as class, all in a fairly familiar framework that will allow me to with no conversion use my 3.5 edition material without a ton of reworking (which is considerably more difficult with Hackmaster, with the caveat that my first and second edition library are easy to use. :-) are all other things that have me excited.
I'm sure everyone who reads my blog is aware of this game, but just wanted to compile some of this information. It releases in November (along with Skyrim!) so that looks to be like a busy month.