I probably can't add anything substantive to the many reviews of Fiasco available everywhere, but here goes: this is a great premise and an amazingly well-designed game. I like rules-lite games and dislike it when a game breeds rules lawyers -- this game really pushes players to think dramatically, not in terms of "the rules". I've played both 1e and 2e, and both are well-done; I'm particularly impressed by the large number of playsets, created by pros and players alike; I think that shows just how powerful the underlying system is for providing hours of fun for players in a multitude of fictional settings. My only caveat is that newbies to RPGs may find the game's open-endedness daunting -- it's taken me a long time to find a group of people willing to play who can handle the uncertainty of the setup phase (the first time, they're pretty much in the dark as to how setup will relate to or influence play) and who understand and are comfortable with not only playing characters but also making choices that aren't necessarily in the best interest of the character for the greater good of the story being told. All that said, this should be on every gamer's shelf. The rules and supplemental material -- for classic as well as 2nd edition and the Fiasco Companion are tightly written and exceptionally well-thought out.
[5 of 5 Stars!]