The book is magnificent. While the new merits and flaws are made of the pure essences of win and awesome the small amount of new mechanics isn't the point. Rather it not only offers interesting history of the clan but also huge amounts of new insight to playing or storytelling for the clan. Hell, it made me want to run whole chronicles centered around the clan and the ideas I got from the book.
If I had to come up with something negative about it... The new ability (Malkavian time) introduced seems kind of... dull and pointless. I also could have been interested to read some more about the Malkavian network/cobweb/whatever you call it. The first chapter tells a good lot of it as a part of the story but the book really says only "There are no mechanics for that. Storytell it as you feel appropriate!" and well... That I can do even without a book. Also some terms were left poorly explained. I now know that "Reality Busting" is something that Sabbat Malkavians like to do a lot and it is one of the main reasons why the clan is seen as insane as it is... But I still have no idea what this reality busting actually means.
Even so... Overall, excellent book. Would buy again.
[5 de 5 Estrellas!]