I think it's a pretty terrific re-implementation of Basic D&D, but only if you are looking to play it the way it has been designed - that is its about exploration/horror/survival, with high lethality. Combat is often the last resort. Thus, I don't think it translates into a true miniatures game that well, but works well as a miniatures heavy RPG.
Well written, beautifully if simply laid out, nicely produced.