First the positives...
Ring and skill dice look functional and stylish.
Also the core mechanism is incedibly solid and really excits me.
And now a laundry list on things which holds the game back...
1. Character Advancement
This doesn't look fun at all. Actually it looks like something I would rather not be doing at all.
First thing I don't like the escalating costs for ring and skill advancement. I know the old L5R had is but it was also bad there. If you have starting values from 1 to 3 and escalating costs the numerically best characters will be those with the most extrem starting values.
Also since the values cap out at 5 anyways I honestly do not see the nessaccity for escalating costs. The average cost of advancing a ring is 10.5 and the average cost of advancing a skill is 6. Take those values instead and tweak them to make the progression feel nicer.
Second the advancement tables are terrible. Why is there one for every school? The gegenral advancement table on the character sheet is absolutely enough in my book. To have the available techiques linked up to the school got me so existed because it streamlined schools and techiques and I could develope however I would see fit for my character. But the advancement tables are actively hindering a free and natural progression.
2. Honor, Glory, Status, Ninjo and Giri
Three of them are obsolete, the other two are underdeveloped.
Honor, Glory and Status are essentailly unneeded. There is so much overhead and paper wasted on these three and most of the time these numbers mean nothing. If you just delete all rules regaring these three numbers you essentailly would loos nothing from the experience and end up with a much slimmer game.
Ninjo and Giri have the same critique attached to them, however I want to see these two more developed. Because these two things are the centre of the samurai drama.
The inner struggle between your humanity and your duty. Do they line up? Are they opposed? Are you afraid to do the right thing, because it will kill you?
There is a true gem hidden inside these two words, but currently they do nothing for the game.
3. Martial Arts
Why is this skill split in three? No, I am serious here. Can we have just one hurting people skill? I think the differentiation is unneeded looking at this otherwise very clean and complete skill list.
You already describe subskill options for people who want to have things more detailed. So bring this skill in line with the other skills.
4. Opportunities
I like strife so much more than opportunities. Manly because of one thing: I always know what to do with strife.
What is really missing is a standard use for opportunity. Something like 3 opportinites can be spend for 1 success or make a success explosive.
Absolutly unsure on this one... But anything you can write on your otherwise phenomenal character sheet.
TL;DR: I think we have a potentially great game here, but so much stuff is way to complicated for its own good.