I'm an old World of Darkness storyteller, using the nWoD to cherry ideas and concepts that can be adapted back to my chronicles. As such, this is the best book I'm likely to see this year.
It has been noted that storytellers could have done a lot of this work themselves, but that is definitely a matter of opinion. The Translation Guide gives you access to more ideas than anyone could reasonably devise alone.
This is the type of document that players and storytellers alike can mine for ideas. I especially like the idea of turning some of the oWoD Clans into Covenants - such as the Assamite and Tremere. Taking this approach does inject a level of mystique back into these Clans.
That is simply one of the approaches in a consistently well-developed product that has been long overdue.
At the asking price, I can see no reason whatsoever why every Masquerade and Requiem storyteller shouldn't purchase this immediately.
[5 of 5 Stars!]