So, I've been tinkering with the Priority System for the past few days. Why? I'm not entirely sure. Maybe I'm just pining for the "good old days" of SR2? All these SR2 and SR3 posts that have been popping up lately certainly have been looking back... No school like the old school, as they say.
Anyway, after converting several characters, I've come to the following conclusions:
1) The system is MUCH
1 simpler to use if you distill everything down to a single chart. Maybe its just me, but I
flew through character creation after re-working the priority chart.
2) Priority built characters have a SR1/SR2 feel to them (glee!). While the SR4(A) BBB sample characters feel like established pros (for the most part), the Priority built characters seem like they might just be getting their feet wet.
2a) I would definitely favor Priority for a "street level" game.
3) I haven't converted any of the gear heavy characters yet, but the characters seem to end up poor. I'm going to tackle a couple of the riggers and/or street samurai tonight if I get a chance. It'll be interesting to see how that works out.
4) Converting from earlier editions is a breeze. So far, every SR1/SR2 character I've touched as fallen into almost exactly the same spots on the priority chart.
4a) Characters with Magic and high Resources are still a royal bitch. Heaven forbid you try to make the character a metahuman too! Which, as I think about it, is okay by me.

5) One huge issue I have is with the suggested optional rules for Priority. Some of these should have been included as part of the core priority system. In particular, qualities, bonding foci, binding spirits, and registering sprites should have included. I know they add complexity, but the concept of buying a focus, but having it unbonded at game start is, well...
stupid bad. And some character utterly fail without including allowing qualities. (see: Gunslinger Adept) (see also: Shamans - uh, Mentor Spirit anyone?)
5a) Contact Points are a cool idea, but easily the most complex of the suggested optional rules (which isn't saying
that much, I guess). It occurred to me that allowing players to burn CPs for things like bonding, binding, etc. would make for an interesting house rule.
1 I don't usually capitalize (shout) for emphasis, but this deserved it. The Priority Chart
really should have been presented as one complete chart, not a main chart plus two or three smaller ones
2. Cross Referencing yields nothing but Epic Fail for a system that's supposed to be "fast."
2 Seriously, even if its just a couple other charts it makes it harder to commit to memory. And you
need to be able to go by memory if you intend to crank out a couple dozen characters a week during study hall! Unless of course you want to be
that guy 
and bust out with your "weirdo books."
-paws