Let's start off with it being free. Always a good thing, or at least not bad. I like the inclusion of a lot of merits, possibly from various other supplements in the WoD lines, I'm not sure. I especially like that Professions from HTV show up, since the focus of the corebooks has been mortals in a messed up world.
I like the notion of letting players define their own trigger points for morality. I like that there is something that it's not just the player doing this, but it also needs to have the ST involved with it as well.
I like the idea of Beats, but just that. I think in actual play it would smack too much of every video game with an "award" for the simplest of "accomplishments". And looking at the number of things can that can award a Beat would pull from gameplay, considering that every scene might have several Beats, but only if a player tries some contrived BS to get the goodies. I also think the cost ratio of Beats to Experiences, and then the various aspects of the character costing a certain number of Experiences is ridiculous. It reminds me of Earthdawn, where you get your attributes, and then that gives you a Step number, and each Step number corresponds to a differing type and/or amount of dice to roll. It also undermines the notion of trying to not have such a linear concept to character advancement. I'd either go with the good ole' XP system, or take the plunge and work up something even a bit more in depth but still try to steer clear of "linear progression". I frankly see nothing wrong with awarding XP and having things with their costs. It's not so much a "If it ain't broke, don't fix it" but more if you are going to do something different actually DO something different.
Some of the Conditions are neat. Some things should have simply been left as Flaws. Or maybe a designation of Positive Conditions and Negative Conditions. I get why some aren't lumped into Merits, as they can be very temporary, but it still seems needlessly... changed. I kind of get the feeling that somebody wanted to essentially make a WoD 5th Ed. but without actually saying that's what it was since it's not even really called WoD 4th Ed.
As for the metaplot, I've never really used any of them. Even when I run Old WoD stuff it's never about that (which ever game it is). I did like the fiction from the original WoD corebook, especially the one that had the God Machine in it. And I also enjoyed what fiction is present in this update. It smacks a touch the Old WoD stuff, especially the Triat from Werewolf rolled in cthulu and a grandfather clock, but the fiction is good and creepy. A lot of my friends did love the old stuff, but they are also probably still playing within said metaplots. Still, good stuff there.
Some one else mentioned the social maneuvering and Opening Doors , and I agree with the assessment that it's needlessly complicated. I get the idea that there should be some way to convince some one to fork over their security pass, or to let you copy those file even though it is illegal to do such, or any number of things that people know they shouldn't allow but are convinced to do so anyway. I just think the whole mess of Doors and crap is trying too hard to be different for the sake of being such, and not actually being any better than making it an extended roll with "x" being successes needed (x being their Resolve, or even Willpower. Something).
I like the idea of changing with Virtues and Vices a bit, but I like the new-old set up better. I didn't mind the 7 Sins and Virtues. I think this new set up is a bit like Natures and Demeanors of Old. They were interesting, but there were just too many of them. Still, if you can not let the process of creating your own individual and unique Virtue and Vice not consume too much time, and what is come up with isn't worded to be a completely BS way of raking in the Willpower, have at it.
Though it seems kinda bitchy, I did like it. It's price tag has a lot to do with that. If I had actually paid money for this one I'd be rather pissed. Still, I like what it offers that I do like, and the rest I can ignore. I was sitting on a solid 3 for this review, but I figure the current price is worth another for a total of 4.