Last night, I read through all of the 110-page Basic D&D document.
Overall, I'm impressed. It feels like a leaner version of 3.x, with enough dials to turn it up and down. It also feels like a more cleaned-up game than either 1st edition (full of power creep, arbitrary distinctions, and ill-explained abilities) or 2nd edition (especially once you get to the splatbooks).
I'd play this game. It's pretty cool. It looks easy to get started with, too - a set of predetermined basic stats you can just choose, lay out, and go with; prechosen gear; and not a lot of rolling or choices to make. There is even a "Quick Build" advice section that gives solid advice on how to arrange your stats and what to take and do.
Looking at the high-level characters, it seems like they generally advanced the breadth of their abilities rather than just mindlessly piling on more power. Abilities like the Rogue's "Reliable Talent" that makes all rolls below 10 count as 10 when using their skills, wizards getting specialized spells, and fighters getting to either grow into an archetype - all of that makes it seem like leveling up is broadening your powers and not simply making you overwhelmingly more powerful.
At the same time, there is more of a heroic lean, much like in later D&D editions. High level guys get to do things low-level guys don't, and not just because they have more HP and a better to hit and better spells. I'm fine with that - I like GURPS Dungeon Fantasy, after all, which sets the power level up to "awesome." Still, it seems like you can start without a long-term level by level plan to improve (3.x, ahem) and make the decisions as you go. That I like. I just want to make a guy and start to play, and not be crippled compared to the guy who mapped out 20 levels worth of progression to ensure he got to take the best feats and character levels.
There a few things I found a little negative. The HP inflation is kind of off-putting, but I suspect it plays better than it reads to someone who thinks Huge Ancient Red Dragons have 88 HP. And it does seem like healing is pretty easy and common. But if that's combined with more lethal monsters, it might put the 15 minute adventuring day to rest while still making combat dangerous and deadly. We'll see.
At the same time, the complete and clear explanations of statuses, the spells having crisp descriptions, the powers have clear limits - it doesn't seem like an inflated game. Attributes go up, but they're limited to 20s, I can't see how you start over a 17 with racial mods, and you get all of 7 of those 2-point increases with the Fighter, who gets the most.
Overall, like I said, I'd play this game. It's got a lot of what I liked about 3.x D&D with a lot less of the "know the rules before you can play effectively." It's NOT the second coming of white-box D&D or 1st edition AD&D or whatever. It seems to be a nice mesh between the various editions. And like I said - it looks like fun.