I've played it a bit. Some random impressions:
1. It's not as dumbed down as it first seems. The skills are about as varied as any of the new Avernums/Avadons, they are just organized differently, so they look simpler than they are. There are no stats, but Spiderweb games have always just been "Put points in STR if fighter, INT if mage, Dex if archer," so it's not like we are missing a huge amount of depth by not having that. I kind of like shunting all of that off to armor, as the potential power ups for armor are more varied.
2. I love the dungeons. The monsters respawn until you kill the boss, which forces you to play the whole dungeon in one go. That's a really great idea that forces you to strategize a bit more than you otherwise might have, conserving energy and potions.
3. That said, even on Torment, the game is absurdly easy. Maybe I'm just too good at Spiderweb games, but I'm like 1/3 of the way through and I think my party has been wiped once.
4. I kind of like the ability to redo stats on the fly, although I do think it trivializes character builds, so that's more of a wash.
5. Story's OK. I like the tone, in that there's a lot of humor and you can play the lead as a spoiled brat if you want.
6. The city building stuff seems way to simplistic so far. There's little strategy to it, so as a mechanic, it seems like it's more just an artificial way to lock off high level weapons and armor until end game. Which is fine, I guess, but in effects, it's not different than just hiding higher level weapons in dungeons or late game shops the way that SW always has. The shop building mechanic doesn't add much to the gameplay.
7. I dislike the experience system, mainly just because it's so opaque and artificial. You basically only get exp by completing main quests, which seems kind of empty, as basically everyone will be the same level as long as they progress through the game.
Overall, I'd say it's a solid 3/5 game. I like it slightly better than the Avadons. If the combat were better, I'd like it equal to the Avernums, but the combat is just too easy so far. We'll see if it gets better.