This mini-pdf is 3 pages long, 1/2 of a page SRD, leaving us with 2.5 pages of content, so let's take a look!
The Ghost of Ashenwood Road comes first as a legend and then with 6 different rumors circling around the elusive being. 5 different skill-check DCs to investigate the ghost are provided and then, the DM is told what exactly is REALLY going on - which I won't spoil here, in case players are reading this. The short story/character also comes with 5 different plot-hooks to draw the PCs in and on the last page, we get its CR 8 stats.
Editing and formatting are top-notch, I didn't notice any glitches. Layout adheres to a printer-friendly, elegant 2-column standard. The original piece of artwork deserves special mentioning, as its professional quality is something rarely seen in pdfs of this price-point. The story provided with its rumors, legend etc. make this a solid offering indeed, enough to craft a sidetrek or even a full-blown module out of and the overall quality of the writing is nice. When you take the extremely fair price into account, you can't help but come to the conclusion that this is a) a nice first offering for the product line and b) worthy of 5 stars, with me omitting my seal of approval only since I would have loved to more skill-check etc. and the SRD on its separate page - as provided, half of the final page is the statblock, half the SRD, which results in unnecessary printer-drain by printing it out.