I had the first edition, but never got around to playing it because I didn't really have any fantasy figures or terrain. By the time I got around to it, there was the second edition, which I'm really enjoying!
First, the game is solo or cooperative focused. This is great for me, because I don't get out much. Plus, solo games seem to make for better "stories", like D&D without a DM. The solo focus also means that the system is, I don't want to say "lite", but very straightforward, which is important when you're playing by yourself, and maybe trying to log the events of the "story" that unfolds while also trying to keep track of the turns and the modifiers. As such, there's not much to keep track of, and the modifiers are few, but there are still important tactical decisions to make.
The material in the books doesn't establish a setting per se, but it does hint at one through the types of characters, the backgrounds, the events and the encounters. So, it's evocative, but flexible. Also there are so many cool things that can happen. "The Palid Wanderer" floats through your battlefield. A "Haunted Stone" terrifies all who approach. The Red Moon portends bloodshed! Cool! The main campaign structure is set around eliminating the various threats to the village you're visiting, but there are also special events, some of which serve as mini-campaigns within the overall campaign, like the Sickness Below (rat-men!) and Rumors of Treasure (treasure hunt!) and others.
And of course, your characters can gain experience and skills, and find unique treaures. Or sometimes they die in glorioius battle.
So, in a nutshell, the system is fast and fun, and the options and tables in the book offer exciting and atmospheric things to encounter (and fight). I lost a Hero and a Follower in my first encounter, trying to clear out a band of raving fanatics camped outside of an old church, but I'm eager to bind my wounds and get back out there. Evil will not take this village today! :)