It looks promising! I too noticed the low XP required for advancement, and while Merias is right that we should wait and see how XP will be awarded before passing judgment, I think it's a good thing overall. While one may argue that "kids these days" are used to easy advancement and get discouraged easily, consider also the "responsible adults like us" who want to play but are short on time or participate in ponderously slow play-by-post games. Getting through that first level in a session or two could really help games build momentum quickly.
Of course, I'm the same guy who got all grumpy when I saw that some versions of Monopoly included a speed die for faster play.
As for the rest of the rules, I'm willing to give them a chance. While I found 3rd and 4th edition too complex on the combat front, I also realize that these rules overshadowed some real improvements to earlier editions to the game. For example, I'm fine with rolling a d20 to resolve most situations. I don't need to roll percentage dice to resolve thieving abilities or 2d6 to resolve reaction rolls and morale checks, or 1d6 for initiative. Are these idiosyncrasies part of the charm of the original game? Of course, but I wouldn't miss them at the gaming table.
My only beef against the free PDF is that it doesn't include any DM information. I don't blame WOTC for not including this, but I got the impression that the free PDF would include everything you needed to play.
I look forward to hearing what others have to say.