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The rules and mechanics of the game need -a lot- of work. Even simple movement can get a little confusing with the rules they give you, and psionics are pretty wrecked as is. Mecha rules are as clunky as the regular rules, and you'll find yourself really struggling to get off the ground in character creation to begin with. Much of the rules are very similar to a mixer blend of WoD "if you munchkin you'll make an unbeatable character, the point is to make an organic character not win the game" and Rifts "one player is a mecha pilot destroying cities, the other player is a pennyless bum named joe with 4 rounds left in his ancient tech revolver". You really need to decide what sort of game you want to play (street level, tager, or mecha) and not allow the options for anything else into your game.
Once you get a lot of things sorted out and houseruled (at least in my experience) the baseline crunch system isn't too bad, and is fairly clever. I liked the crunch once I applied 30 hours and almost 20 pages of houserules to it.
Fluffwise, if you like mecha, and you like cosmic horror, it's a goldmine. If you don't, then why are you even picking up the book? I think the setting is one of the more original works recently, and has a fairly viable explanation of why things are, and why they work the way they do. The mood and atmosphere you can capture (paranoia, cosmic horror, hopelessness, grittiness) are amazing.
tl;dr: Once you houserule most of the crunch, the setting is absolutely wonderful (if you can decide on what sort of game you want to play).