I am very glad to see it in print, and many of the refinements of the basic game engine are worthwhile. Some of the changes are clear mistakes (a DEX of 13 should not be a virtual guarantee of victory over someone with a DEX of 12, but 50% more attacks would tend to make it so).
The biggest problem with the thing is the change in the magic rules. The spell list is pretty much the same, but where in RQII EVERYONE (except, perhaps, for impoverished trollkin, and similar near vermin) had magic, the details of the new system make magic difficult to acquire, and almost as difficult to use. It changes the whole flavor or the game for the worst.
I am glad to see the game in print, and will continue to buy the support material, at least for a while. But I would have been so much happier to see an amalgamation of the best of RQII and RQIII, with perhaps a few new wrinkles.