I'm still in the process of digesting this mammoth tome, but I can certainly provide some first impressions. To start, on a purely aesthetic level this edition feels more like First Edition than Second. There's a lot more of a sense of the world being wide open and lively in the writing and art. The setting chapter provides write-ups for locations that are familiar, and breaks some new ground. The systems for combat and other things are evocative and meticulously balanced... which is good, because there are a LOT of them. This is a product that will take time to grock, but it will show itself to have been well spent.

In terms of major changes from the previous edition, let me provide some bullet points and my reflex reactions. The game is about 70% modified from the previous edition, and mostly in good ways.

Brawl makes its return, and Martial Arts has been slightly repositioned so that it requires a few prerequisites to access. The book also provides multiple Martial Arts styles. This does mean that there are now 26 abilities.

Caste abilities have been opened up so that you now choose five from a list of eight abilities. This does break the boilerplate of the First Edition character sheet, but it also lets you effectively opt out of Caste Abilities you would never use for a specific character, like an Archery-focused Dawn Caste who has no need for Thrown charms. They also introduce the concept of the Supernal ability.

Anima Abilities are more balanced, with each Caste having three. Of them, I only see one that I would consider 'bad'. It's a Twilight ability that isn't bad in itself, but could easily be abused by a player that just wants to get away from the table and go play videogames instead.

Social Combat has been replaced with the infinitely better 'Social Influence' system. Motivation has been ditched entirely, in favor of streamlining and detailing the Intimacy system, which interacts directly with the Social Influence system. Virtues are also out, although Virtue Flaws remain.

Backgrounds have become New WoD style Merits, and Flaws have become New WoD style Flaws. This allows a lot of the Backgrounds to work far better than they once did.

They include two extra exalt types in the fluff of the core book, just as the core rulebook has always talked about the other Exalts since First Edition. Of the two, Exigents are actually an interesting and worthwhile addition to the game, creating room for players who want to play something odd and unique to fit within the larger world. Liminal Exalted are an interesting niche case that is easily disregarded in stories that don't need them, and perform well in the kinds of pseudo-horror stories they're geared to.

I could keep going with this list, but I think I've hit the major highlights. If you're an exalted fan, or even just a fan of the things Exalted draws inspiration from, chances are good you'll like this game, if not love it. It has everything that made Exalted special from the outset, distilled and concentrated for added intensity.