Welcome to Creation! Everyone is a bad guy, no one's motives are pure, and readers want everything from a single book!
Let me be clear--Exalted is a beast of a system. The book clocks in at just shy of 700 pages, and after my third full read of the tome I still wasn't sure I had a handle on all of it. The second edition had literally thousands of pages of different exalt types, lore, fluff, mass combat, naval combat, setting--you name it. This one massive book does not endeavor to do it all, because that would be foolish, but it does endeavor to feel like a full game and full world in only one book.
And it does that quite successfully. There's weeks and months and maybe years worth of story in just this book alone if that's your cup of tea. If not, they're always working on adding more stories and characters to the world.
What's new? Combat rid itself of the very complicated tick system. It now differentiates between attacks trying to get advantage (Withering) and attacks trying to kill your opponent (Decisive). The fluff of this can be a little confusing, but it also flows in really interesting ways once you get accustomed to it. Crafting nerfed pretty heavily, encouraging players to make regular people things before trying to make world-shaping artifacts. Sorcery has been streamlined in ways that make it easier to access, Martial Arts have been a little more differentiated (though of course the Sidereal ones don't exist yet). And, of course, the end of perfect parries and perfect dodges, which means combat has become more than "who runs out of motes first".
Overall, I'm in love. It's everything I wanted in an Exalted system, cleaned up and consumable in a way that second edition never was. The rules are more codified, the impacts of the magic more easily measured, social combat given better rules, mass combat tidied.
The downside? This is pretty firmly not a system for brand new gamers. Guys, it's huge. It's overwhelming. And if you're not accustomed to flavor surrounding every mechanic and learning to read past it, this book could be complete gibberish. But for old hands, or people interested in trying a more immersive world, I cannot reccommend Exalted more highly.
[4 of 5 Stars!]