Let's ignore the old Changeling game - put it from your mind.
To start, the book itself is very good. It's a solid, well made book with thick, glossy pages and a good-looking cover. Its 350 pages are printed in black and green inks, and unusually for a WW book, all of the fonts used within are entirely readable. Result! The artwork is certainly the best in the nWoD. It is evocative and genre-fitting, none of the pictures are silly or cartoony, which is a nice change. The book is 5/5, other RPG books want to be just like this when they grow up.
The game, however, is a bit of a let down. One gets the feeling that there is a strictly limited number of stories that can be told with the rules and setting presented. One imagines a game group, post-campaign saying 'That was fun, but now let's put our Changeling books away for ever and ever, because we've done everything we can in that game'. Pity.
One also gets the feeling that WW was reaching a bit for things to include, brand-history notwithstanding, the dream aspect of the game feels like it was duct-taped onto the side as an afterthought, and the entitlements don't make a lick of sense in relation to the rest of the game.
The game feels smooth and stylish, it presents genuine wonder and, yes, even a little beautiful madness, but in the end, like a dream, it's all looks and very little substance.