Cosmic Patrol is a very different system from what I and other roleplayers have been used to.
Game sessions are split up into 'scenes', where the GM changes when one ends and the other begins; Hence, there is no prep involved, save for having character sheets for all of the players.
The not so good:
Character creation appears FATE-esque at first glance, but this system doesn't explicitly translate them into game mechanics. Where in FATE a character's aspect that defines them would give them a bonus or penalty, in Cosmic Patrol it is merely a guideline determined by the GM. The book even flat out says that if a player fails a roll, but they -should- succeed, to have them succeed anyway. Well then, why bother rolling?
Speaking of rolling, character creation involves a D4, D6, D8, D10, and D12 per player. All of the dice for players is to roll for stat generation - The players choose the die for each stat to (hopefully) determine what they're really good at. The GM uses a D20 to determine difficulty of rolls to do things like breaking open doors, avoiding hazards, and the players roll the appropriate stat vs the GM to see if they succeed.
My main criticism about Cosmic Patrol is that it seems unable to commit on rules-light collaborative storytelling or game mechanics, and in so doing weakens both. If you can look past that, you'll find a delicious gem of 30s-to-50s sci fi pulp with plenty of setting included. And for 5$ you can't go wrong.
[4 of 5 Stars!]