Having spent some time reading both the starter book and the supplementary materials (the playbooks, for instance), I have found this to be a thouroughly enjoyable read, both mechanically and thematically. The idea that the 'magic' of the setting comes from stories, ideas, concepts, dreams and fears trying to enter the real world and to be is extremely interesting, especially from the point of view of the Master of Ceremoneies (GM). I've already got some ideass cooking away for using that in the game that I plan to run soon.
The characters detailed in teh book are interesting, the art and layout exceptionally clean and fitting for the tone of the thing and in general the whole book is a work of art. The integration and editing of the Apocalypse World system is well done and understandable, with the only real bit of ambiguity for me being Statuses and 'narrative damage', although i suspect that this is largely due to teh fact that I've only come across teh concept here and in Nobilis, a marvellous RPG with a bent for the philosophical and hard-to-understand.
I look forward to seeing more on this project.