(Before anyone starts, yes I'm aware there are countless threads on this subject, and no, I don't care. These are my opinions and I'd prefer they don't get buried and ignored somewhere. Beside, this puppy is long.)
After finally finishing looking things over, doing a couple of conversions, comparing editions, etc. I've come to the following conclusions (in no particular order):
Loves
Edge – Totally fraggin awesome! No more "character X has a double-digit karma pool, so he's effectively god" syndrome
Street Cred/Notoriety/Public Awareness - Finally, some decent and manageable rules for reputation (even if the "household word" level of Public Awareness is set too low)
Recoil - punks with SMGs and assault rifles are now a viable threat
Initiative - now at least you don’t have to have some sort of reflex booster to stand a chance (even a small one) against the ever growing numbers of adepts and cyber-monsters roaming the streets
Summoning & Binding changes - should have been done years ago
Likes
Attribute + Skill Mechanic - more streamlined, simpler, easier
1-1 staging - again, simpler and easier
No more damage levels - nice and easy
Variable condition monitors - better reflects varying endurance levels IMHO
Skill groups - Sort of like a streamlined return to the days when skills had concentrations & specializations
No Force limits when learning spells - At first I didn't like it, but once I realized the reason they did it I came to enjoy the simplicity and potential power of this method
Light/Holdout pistols - now they're actually worthwhile
Beast spirits – Very nice, should have been included ages ago
Common Cost - Another nice little touch that should have been done ages ago, especially for characters that will settle for something less than the 10,000 nuyen a night hooker.
Dislikes (minor gripes)
Character creation - The metatypes cost too much, the attributes cost too much (although they'd be fine if there were only six of them still or the 200 point limit was increased), and the skill groups are prohibitively expensive
The cost of Magic – Magician/mystic adept/adept status is too cheap. GM permission is not an effective control against players whose greatest real world skill is whining.
Contacts – Contacts now cost bp, and face characters (one of the better ideas from SR3) get a kick in the teeth.
Karma woes - Recreating a character from previous editions (with full skills, spells, etc) costs about 1.75x as much karma as the character has actually earned from a 500bp base
Changes to foci - Why? What, all of a sudden all the foci in the world reformated themselves? Please. Game mechanics should support the world (and ideally be "invisible" in the context of the setting), not make senseless changes to it without explanation
Bioware now costs Essence - Like I said above, why the sudden change? At least this one can be partially explained by a rise in the world-wide level of ambient mana
Where have all the deckers gone? - Wired systems still exist, as do jackpoints. A cyberdeck can still be just as good (or maybe slightly less good) as a commlink on the Matrix foodchain. The assumption that all the equipment from previous editions just "disappeared" is shakey at best.
Smartlink II - Like I said above, how does the "improved" version jive with the new standard version
What the Frag? – Paraphrasing what someone (can’t remember who) here on Dumpshock said recently “Fifteen years of frag, and now we’re back to fuck.” I know some people hated SR’s invented slang, but I for one loved it. It’s part of the charm of the setting, part of what makes it feel like it’s 60ish years in the future instead of just next Tuesday.
Pilot Ground Craft – What ever happened to wanting things to sound cool? Bike, Car, etc sounded so much better.
Elemental attack spells are Combat spells again – Will someone please make up your damn minds?
Technomancers – I never liked otaku, but I could live with them. Now, not only are their descendants in the main book (which I can live with), but they don’t even a single damn piece of cyberware to hack the Matrix and they lose Resonance if they implant cybergear (which I can’t). Hmm, what doesn’t add up here? Someone really dropped the continuity ball on this one.
Magical Ambiguity/Generic Spirits – The “one-size-fits-all” approach to magical traditions really irks me. Unless they take the time to expand on the (very real) differences between traditions in future products, a lot of (important!) detail and richness is lost in this approach. Likewise, while I like the idea of similar spirits for everyone (simpler, plus the differences between nature spirits and elementals weren’t that much mechanic-wise to begin with) some flavor is sacrificed with the change. And what about domains? Furthermore, everyone know uses “magic lodges”? Please. I guess all the nuyen spent on three different types of libraries just never existed in the first place, huh?
Mentor Spirits – I lumped this one in the dislike end of things because the negatives are more annoying than the positives are good. I like the idea that the mentor spirits are basically customizable now (making it possible for a healing oriented Grass Snake shaman and a cold-hearted Rattler shaman assassin to both, in essence follow Snake) but why change the traits of well-known and established totems/idols when the revised rules don’t require it? Change simply for the sake of change is dumb.
Hates
Caps on cyber/magi augmented attributes – What the hell? I always thought the purpose of all this cyberware/bioware/magical enhancement was to, you know, make you better than just human. But now, because some twit couldn’t deal with that idea, you stuck with being only 50% better than human. So much for the cyber in cyberpunk.
Caps on skills – So now, all of a sudden, the entire population of the entire world (including dragons and immortal elves that were already bored with life when God started teething) is pidgin-holed into one of seven little categories of skill in every conceivable skill that are static and will never change. "Hey, Mr. Da Vinci, why do you keep studying art? You know you’ll never get any better.” Dumb.
Banishing – What the bloody hoop-luvin hell?!? For 20 years of game time and three editions, banishing could be used to banish a spirit, which is what the name of the skill implies. Now, unless the spirit in question owes services to some magician, the banishing skill – which not more than 5 game years ago was a good way to deal with any spirit – is now totally fragging useless! Isn’t there somebody in the (no doubt) bloated depths of FanPro that gets paid to watch for such blatant fuck-ups? What are those people called again? Oh yeah, editors!
Centering – Lets take an established mechanic, that works a specific way in the setting and has a direct effect on the setting due to the way it works, dumb it down to 1st grade level and rip every last ounce of flavor out it. Good one.
Shielding – Mid-grade initiate + Counterspelling skill 3 or higher + counterspell/power focus + shielding = virtually invulnerable to hostile magic. Yeah, that’s balanced.
Final Score
Loves – 5
Likes – 9
Dislikes – 14
Hates – 5
So, in the end, the bad does outweigh the good but not by much. The points that I love fix major problems in the game. The points I don’t like mostly just boil down to an old dog (me) growling cause someone is trying to change his favorite bone. Furthermore, most of the points that I dislike/hate can easily be house ruled away, and I have a feeling that it won’t take 20+ pages of house rules like SR3 did.