What bugs me the most about SBH is how poor quality troops (4+ or worse) end up being fairly useless on their own. It's hard to do classic orcs justice, for instance. Most of the time, they just hang around and pick their noses. Same with skeletons or zombies... Since everybody one-shots everybody (except Tough models), you can't win a game by attrition (ie one side with lots of poor monsters, the other with a few high cost adventurers). All your opponents are either minty fresh or dead. We mostly play "adventure games", ie I'm playing the NPC bad guys and other people are player character adventurers. In SBH it's hard to nail the "oh, we got by by the skin of our teeth" feeling of old-school gaming... Either the players steamroll through their opposition or they're pasted. It's a very binary system that way. It works reasonably well if you do a "best out of three" set of games though, where both players play to win. That's not really what I'm after though.
I have my eyes on a few other systems, but Savage Worlds have the (theoretical, at least) benefit of being suitable for anything from scifi shootouts to fantasy slugfests without being a brick of a rulebook. Haven't tried it yet, so who knows - might not be for me. In the end, maybe we'll just end up playing SBH with even more house rules or we get in on "Tales of" instead.