My gaming group owns two different copies of this book. One is a first printing and the other is a second printing, both in hardback. The second printing is more concise than the first, but there are still plenty of ambiguous paragraphs where you simply hand the book to a lawyer and ask for an interpretation. But it's still better than the first printing of the book, which we use under the short leg of the table. There are more errors, omissions, and conflicting passages than in the US tax code. Example: first printing does not give a limit to the number of points that can be gained from taking disadvantages. Second printing, if you read far enough, eventually says that the limit is 15 points. When this discrepency was found, half of our group had used one printing and the other half had used the other, and the differences in the characters created was fairly extreme.
Despite the problems, we still use Skills and Powers more than the Player's Handbook, mostly because of the ability to customize the characters with different abilities. One note however, when customizing wizards and clerics, I've found that you're better off using Spells and Powers as your primary source.
The updated psionics chapter was a nice touch, and I realize it was meant for Dark Sun more than anything else, but it would have been nice if they had updated to a system that was still mostly compatible with the Monstrous Compendium entries, as opposed to having to completely revamp a psionic creature so that it is consistent with our psionicist PC before being able to use it.