GURPS is a serviceable generic RPG engine. I once loved it but I can't stand playing it anymore for a series of reasons.
GURPS stands as a generic system. As such, it tries to describe every single aspect possible necessary to define a character or equipment. The skills, advantages, and disadvantages lists are too long (not so in the basic book but definetly in the compendium, which was latter incorportated as a basic book). I disagree about this design option. I think that the extensive lists only augments the need for bookeeping and does not increase the joy of playing. I would rather have a smaller list of skills and a generic advantage/disadvantage list which the referee could use as a guideline to the needs of the player.
Second, I don't like the way GURPS handle combat. It is boring. A round take a second, which means that, if a character is not in place at the start of the combat, he will not have time to arrive, as GURPS does not take hesitation in account and combat takes only a few rounds. Also, the system requires a to hit roll and a defense roll (which means that is kind of slow). Most of the combat oriented experience characters would have excellent defensive stats and, as such, will be very difficult to be hit (if a hit happens, however, GURPS is very deadly).
Concluding, I think that GURPS fails in be a good generic system because it is too detailed. I would rather prefer a less detailed character generation system with guidelines than the extensive GURPS's lists that requires several volumes and take a reasonable dedication to the referee to master them. Finally, if you still wants to use GURPS I would recommend you to stay with GURPS light. Character generation is the same but not so detailed and they stick with basic combat, which might be a good idea afterall.
[This message has been edited by Ron (edited 14 July 2001).]