I've skimmed through most of the army lists and things actually seem pretty decent. They HAVE cut down on a bunch of options from before, Vampires don't have nearly as much in the way of blood lines, but as an early index style army list its all pretty solid.
I hope it stays solid because they seem pretty firm in not having plans to update or balance any of it going forward.
Of course, if Old World does REALLY good, I think we can expect to see a New World expansion in 5 or 6 years that brings a lot of the legacy armies back.