I've a mixed view of it. Too cinematic compared to TNE's realism - lots of polities do silly things to send fleets racing and clashing across the skies. Almost all the Mega Traveller factions survive the release of the Virus, some TNE canon is retconned, almost all the TNE Pocket Empires are squashed, and a lot of the political interactions seem silly (Keipes surrenders to the RC because it's scare of Kide, Suffren refugees settle in RC areas of Diaspora in vast numbers - then a few years later vote the area out of the RC).
On the plus side, the writing is excellent, and the Spinwards States book is great - though it still has to accommodate the racing fleets from the back story. The Fourth Imperium is a cool player to throw into the mix too.
You also get a pretty comprehensive selection of TNE articles from Challenge on the 1248 disc.