In brief, this is a great product, and probably a very vital one if you plan to play 2nd edition Exalted. I dislike that the black treatise is associated with necromancy despite that not being the case in the game setting proper. To me that feels like lazy marketing, but that is a relatively minor quibble.
The actual content is clean and crisp, but it is also the victim of the rushed design cycle of its time, as was the case with many other such products.
When all is said and done, this book is great for any game, especially for Storytellers, and is rightfully on many lists of must have books for 2nd edition Exalted.
[4 of 5 Stars!]