If you're going to run a 1e game, or play in a 1e game, it's worth having this around. It contains an almost 1 to 1 translation of the 1e rules, but does it with modern sensiblities for language, layout, organization and formatting. While Gygax and Arneson might have been visionaries when it comes to entertainment, they were not wordsmiths or even skilled technical writers. This version cleans up and organizes the rules from their game into a format that much more closely matches what modern audiences have come to expect from RPGs.

This system cleans up some of the more glaring problems with the old Vampire system. It standardizes the storyteller system, and while the Larp rules haven't come out yet, rumor is that they'll use the exact same stats for LARP, instead of the vile dreck that passed for the old LARP system.

Also, as a setting, it does a good job of bringing back the mystery that existed in the early days of the original Vampire: the Masquerade game. By wiping out the bulky bits of Vampire History and starting with a clean slate, they might be able to build something much more interesting than the rather poor writing that festered in the middle of V:tM's run.