I think the best critique I can give is to say that this is the first game product I've purchased since I last saw my AEG buddies... GenCon of 2002. Probably 1/3 of the folks named on the front page of the book are known to me personally, though I dropped out of "the gaming scene" about 3 years ago. (OK, I'm a game junkie, and the itch finally came back.)
That being said, the book is beautiful. And I am THRILLED with the return to the original "roll & keep" system. (I hate d20 in all it's incarnations.) I have only 2 comments on the "con" side.
Like other reviewers, I have to say that this book suffers from an incredible lack of editing and proofing. Whole sections are missing, and I found places where proofing notes were made, and ADDED to the printed text. Additionally, you have to read the whole book... the book has 5 sections and 5 writers, and at times, it does read like they didn't talk to each other.
The other issue is the inclusion of "kata". At a glance, it's painfully unbalanced. I cringe at the thought of the actual play experience. I do not mean that kata are unbalancing, but rather, that they are not balanced amongst themselves. IE, no Crane player that wants to live should ever waste the points to purchase a Crane kata, and no Lion player should ever be without the kata available to the Lion.
Basic combat remains the same as it was in 1st edition, and the game adds a fair amount of complexity to character skills in this version. The most significant changes are in dueling and magic. The changes in dueling mean that the Kakita school is no longer the dueling juggernaut that they were previously, but this is probably a good thing. The only down side I see to it is that the Kakita bushi were not given a corresponding improvement in their skirmish combat, leaving the school diminished overall.
In the magic system, there's a notable shift. A lot of spells have changed, mostly to be reduced in power. This is off-set by the increase of 3 additional ranks in all shugenja schools. What this means is that shugenja are much weaker in the early levels than they were previously, but around 4th Rank, it balanaces out and shifts the other way. The only sad part is the loss of versatility, as most spells are now VERY restricted on the number of raises (a game mechanic for bettering your outcome) they may apply to a spell. Gone are the days of The Cresting Wave (one of the greatest feats of magic in the game world, which is now impossible to duplicate).
It is neither good nor bad, but there are a great deal of interesting choices for included information, vs. excluded information. In many cases, I hear that excluded info is scheduled for later releases; but quite often, the choices make me go "hmmm."
One of the things that I'm truly estatic about, however, is the information on Shadowlands Taint and Maho. These topics are vastly improved since 1st Edition, and are mostly laided out in an organized manner. And in the long-run, I think the history overviews will be a godsend. I've certainly gotten enough game ideas to torment my local players for years to come.