You can see the infulences of the Savage Worlds system (common games designer) with this rewrite. Saying that, don't be put off; it's a good rewrite; streamlined system whilst still keeping the feel of the original.
It still has the (updated) drama deck (inlcuding cosm specific cards) and d20 to bonus chart lookup system. The system now has 3 levels of success (success, outstanding etc.) which will make story telling much easier ('so I got a +9 over the difficult, how much of a success is that?'). There are bonus damage dice (dependant on success level) instead of just the attack bonus; which adds to the system and stops the 'glass jaw ninja' problem. There are now only 5 stats (Str. Dex. Mind. Cha. Spirit) instead of the original 7(?) which again makes things simplier.
They have introduced a Perks system (kind of like feats in D&D or advantages in GURPS or Savage Worlds) which if kind of cool, but this limits the number of special abilities you can have (magic spells, psonics etc.). This will probably be the first thing I change in any in-house rules.
The magic, psonics and miracles system have all been aligned, which makes things easier to run, but means that they all feel the same. There are no longer magic knowledge adds to give the magic system a bit of flavour, so it will be interesting how they write up the new spell creation system (the old spell creation system I really enjoyed!!).
The Story has been updated and seems a lot darker, while still keeping the action orientated feel of the original; which I prefer like. Although I alway thought that Orrosh shouldn't be action orientated (it should be more CoC), but having the change of pace and play style can put some players off.
There are only a couple of mechanics you can take from the new system and bring over to the old system to 'fix' the problems in the old system; BUT I think I will still run this version as is for a few games before trying that.
I only hope they being out a conversion system from the old to new system as I have a lot of old books that I don't want to throw away.