This product is all that, though it lacks a bag of chips (even for the reasonable price, less than 50 pages does not earn a bag of chips). The original Metamorphosis Alpha setting has not been emulated in the newer editions per se (currently on its 4th edition, and a very worthy book that is to get, though unavailable in PDF), rather presenting an alternate Warden whose population are a lot closer to being original crew. Thus, for the data on the original setting, devoid of aliens and other colony ships, this is the thing.
The rules set is still workable, although even with errata it's bare bones. This was actually standard fare at the time, the idea being that you would do most of the creation of the ship yourself on the fly as you play/run the game, using the brief notes on each of the decks of the ship, all of its technologies, etc., and fleshing it out. Dragon magazine articles (available online at www.metamorphosisalpha.com, as opposed to www.metamorphosisalpha.net which is the official website) gave notes on androids, rules for robot PCs, and a whole host of other tasty elements.
This setting is, to me, superior to the new 4th ed one. Although the alien plotline in itself is fun, the change of making PCs who are technologically semi-literate and historically aware, even if addled or debased, doesn't convey the original feel of the game. Playing or running this original version of the game, and reading the text, is like reading an existentialist novel, only it lacks the pretention or heavy-handed morality play. That in itself is worth gold to anybody who likes to mix dramatic roleplay with dungeon crawling goodness, such as any long-time fan of D&D settings like Ravenloft or Dark Sun.
The game itself is better than good, and although the older mechanics have a number of dings and breaks, it's all good fare.