I just received my copy of this deck, and so far I really enjoy it. I've been reading tarot for nearly 8 years now, beginning with the Rider-Waite deck. I've always appreciated the symbolism of "the old standby" deck, and the drawings were nicely done, but the flat coloring was a little hard on the eyes. It was fine on symbolic levels, but the harsh colors left something to be desired.
I'm very happy with this rendition. From what I can tell, every bit of the standard symbolism is in place, and the new coloring job is wonderful. While not photo-realistic by any stretch (nor should it be, in my opinion), the images now have shading, depth, and subtlety to the palette. This makes reading the cards a more enjoyable experience overall.
Also, the back of the cards is nice in an understated sort of way: small yellow stars on a navy background. This is much better than my original Waite deck, with a rather horrible blue and black pinstripe-plaid motif against a white background. It looked rather akin to a really bad tablecloth at an Italian restaurant. The new star field, if a bit new-age-trendy, is much easier on the eyes. Its subtlety insures that the face-down deck won't distract from the spread you're reading.
From a readability standpoint, it's roughly the same as standard Waite, since all of the symbolism is identical. For experienced readers, you'll feel right at home. Newcomers will pick it up in no time, though I'd advise getting a second book to teach you the standard meanings until you get on your feet. The accompanying book isn't bad, but is a quick-and-dirty version and hardly exhaustive.
The 5-star review is basing this deck on what it's supposed to be: a rendition of a classic. As such, it serves its purpose admirably. However, the Waite deck is not my favorite set of symbolism, and thus would get a 4-star rating in a general review. You could do a lot worse (trust me, I have).
One last note: Like other reviewers, I did notice an odd smell to the cards. Working in the print industry (as a designer), I was able to identify it. The smell isn't just residual odor from the manufacturing process or the wrapping; it's the cardstock coating itself, the stuff that makes the cards shiny and durable. Also, my deck arrived when the outdoor temperature was about 90 degrees, and the cards were slightly sticky due to the coating. Not nearly enough to damage the cards, it just felt like some of them were vacuum-sealed to each others, and gave a little resistance the very first time I shuffled. After that, it was perfectly fine. If the aroma distracts, just let it air out. You may want to try laying all of the cards out, flat, for a few days, rather than keeping them in their box, pressed against each other so the coating can never air out properly. To me, this isn't a big enough gripe to detract from the deck at all.
Overall, a good buy. If you have the Rider-Waite deck and are perfectly satisfied, you could safely pass this by. But if you're looking for a good rendition of the classic with a bit more "life" to the cards, whether you're new to tarot or looking to branch out, I haven't seen a better version.