The Good:
I enjoyed reading the book. I particularly like where traditions went.
I enjoy the new alchemy stuff, I think that whole area is really fun and opens up new creative thinking. I'm just waiting for someone to show up at a table with some magic bullets.
I like many of the new spells. The new metamagic are cool, and look like good places to go into.
The story fluff foci focus stuff was good fun.
The system to finally enforce spirit justice is great. Having watched far to many spirits get abused over the course many games I am super pleased to see this.
The Less good:
To begin as with those above I also agree that the editing it lacking and this is serious, the product can't be taken seriously if it doesn't look like the designers took it seriously.
I agree after reviewing the errata forums all the XYZ Way of the Adept Stuff is over costed. The spell stuff bugs me less, generally easier to guess what's intended.
I do think there are issues with ritual stuff that needs to be considered and clarified what is "ritual magic" the skill vs What's Ritual via metamagic, but I like the concepts. I also find it interesting that beyond rituals there was basically nothing concerning Foci. Still no armor focus? Also some clarification of what can be a foci remains needed. (Particularly weapon foci.)
Spirit Pacts, they are discussed but no values for them are given, which were listed at-least in part in the last street magic. (Yeah GM power stuff aside)
There is considerable discussion concerning background count, and how to screw with it, which while interesting I feel like is dangerous waters to play in. A circumstance penalty or advantage are all well and good, having a freak mana storm roll up can be a cool challenge. But there is a fair amount of discussion in here that will make magic unusable, and that as a player makes me nervous.
The how to be a combat mage section was an interesting read, while it discussed a great deal around being a combat mage, I'm not sure it really covered practical spell throwing, and I really feel like it failed to address the importance of counterspelling. I can understand not wanting to put casters into a box, with this is only this method work yatta yatta, but at the same time a newbie isn't going to walk away from this with a whole lot more conception of what to do with their new character. I also found the debate by the board members to be concerning. Do we really want to suggest to player my roll is more expensive so i need a bigger cut of the lewt? I admit that can be very realistic argument to have. But its not something I'd prefer to see at any table I'm sitting at.
Magical societies- There is nearly a whole chapter discussing magical societies. But they fail to cover what they really need to cover. If my PC joins XYZ society, what is the benefit and what is the cost? So pay XXX a month to get X percentage off initiation xp cost, use of this Y rated ritual space, and maybe Z percentage of instruction/spell research/community out reach etc. Be subject this set of limitations etc etc.
My last point, is aspected magic. 5th really doesn't like Aspected Magic, the priority system pretty wells screws it down to ineffectiveness, I was hoping this book would take steps to reverse that trend, the last street magic really supported Aspected Magic, but this really doesn't do anything for it.
That's my 2 cents. Carry on!
