Skimmed thru it. Won't play it.
Art: I could give two shits about art that reminds me of art from D&D books in the 70's. Call me a heretic, but I didn't think that the original D&D art was that great in the first place. It was cartoonish. People in my high school could doodle better crap than that at their lunch break.
I'm not at all a sophisticated or classy person. For art to be good to me, it has to either 1) make me scared, 2) make me cry, 3) make me happy 4) make me say WTF!?!?! or 5) give me a boner. That's it. 1970's D&D art does none of that.
Ask yourself---is the artwork good in its own right? Or is it good because it just reminds you of happier more carefree days of playing D&D all weekend with your friends in the 80's?
Spells and their tables: Yeah, lets complicate shit unnecessarily. Good idea. No one really likes reliability in their spellcasters anyhow.
Dice: Where the fuck do I buy them? Its hard enough to get people to play your old school games now---so lets throw in some required dice that no one owns and has never heard of before whydontcha.
Ask yourself this: Is the game just overall neat on some indescribable level? Reminding you of good times in the past? Will you just be stealing stuff from it? Using it as inspiration? Or will you actually play the thing?
It seems to me that the value in a game is proven when people actually play the thing with other people, and as a result those other people then go out and buy it. If that doesn't happen, what's the sense? Go ahead, steal shit from it, read it and get ideas, take a stroll down artwork memory lane. But if you do so, call it what it is---a splatbook, or a source of alternative rules, like Arcana Unearthed.
If most people use it as a splatbook, or source of inspiration or a source for some alternate rules, then as a game in its own right it is a failure.
I'll take some bloggers word for it that it is old school in style. If thats the case, and it draws more people to the old school tables, than hurray. I hope it works out that way. I just don't think it will, because of the above.
We'll see how it works out.