I came expecting to dislike the mechanics and end up using their setting with 4th Edition rules... on first inspection it appears I was mistaken.
First as I have said elsewhere, this is the best iteration of their custom dice to date. The filtering effect of roll/keep allows you to tailor outcomes and gets rid of the mass of overly random consequences that rolling a handful in something like Star Wars generated. Custom dice is a nice way to produce effects beyond pass/fail and therefore this interests me greatly as I feel it provides the best from custom dice while mitigating the worst.
The use of Rings as attributes is actually quite inspired. Generally in games it is the skill that alters to specific needs, a smith may specialise in repairing and be better at that for instance. However in these rules your skill in smithing is a fixed quantity and it is your natural aptitude at certain approaches that defines how good you are at repairing (is your Earth high). Sure this makes 'nature' more important than 'nurture' if you will, but for a game like this I approve of the emphasis being placed on something ephemeral like 'feeling' as opposed to something tangible like 'learning'.
These two core mechanical approaches have made me optimistic about the game and I am hoping that through testing and expansion it can grow to be the best Legend of the Five Rings yet.
Oh... and the time period is an obvious win.