Initial Impression --
The Good - Thin blocks, Weak Blocks (Also Found in Core's roadmap)
The Bad - Advocating for SPV mining , which is a problem exacerbated by their Validate Once proposal, and pushing off the many benefits of Segwit till the end of the year
The Ugly - 3rd/4th Q 2016 adaptive rule for a block size limit that heavily incentivizes those with better bandwidth which would drive miners from China to locations with better bandwidth and make many home mining operations obsolete because they cannot compete with the propagation times with larger operations who can afford better uplinks. There is no consideration for centralization concerns or the costs of nodes with this proposal which makes it a non-starter from the get go IMHO.
In my heart of hearts, I think we could eliminate the limits and everything would work out just fine because I think Bitcoin really is resilient and I think the incentives are there for people to make sure it doesnt break. Reasonable people could disagree about that, and Im happy to compromise.
We saw through the "only 2MB and that's all" right away. It was a coup from the start, starting with 20MB blocks increasing exponentially to 2MB and increasing exponentially with no concerns of the externalized costs of spam on the network... or a radically different bitcoin than what most developers and users support.