This setting is a great alternative to the usual fare. It is a dark world, cut off from all gods save one evil world-dominating power that has the peoples of Eredane living in fear. Izrador's church of shadow is the ruling power and uses orc minions to terrorize the populace into submission. Elves and dwarves are hunted while humans are enslaved. The "veil of shadow" has game impacts on magic and the oppressive society makes arms contraband.
Likes: Oppressive setting, lending to constant harassment for the players from the ruling powers. Numerous adventures rise out of "rebel" activity. New mechanics for magic that allow any player to practice some magic. Interesting new monsters and great adaptations of existing ones, especially undead and dragons. Somewhat interesting new base classes.
Dislikes: Class options are fairly limited, though they are expanded with heroic paths and a vast array of prcs. Players might tire of the restrictive setting. There's some ideas that seem a bit too familiar to other fantasy literature (Izrador to Sauron, the night kings to the nazgul, the veil and the fell remind me of the Sword of Truth).
The Movie: I really saw this as a bonus since it was only an additional $5. The movie is reasonably well produced with mediocre actors and a fairly engaging story. The ending is a bit anti-climactic but it does give you a feel for the oppressive nature of the setting and certainly measures up to other genre movies, not that that's saying much :)
Overall: A quality stand alone campaign setting, or perhaps more valuable for those who are just looking for interesting ideas to incorporate into a custom setting; Midnight includes a rich history and well laid out setting.