I love Talislanta and have played almost every edition. The world is vast and complex. Some may say too complex and the assortment of races seems unending.
In 5th edition, the common races are in the players guide while the less common ones are in the GM's guide so a first time player doesn't get too much of a head ache.
What's new in 5th edition? Not much. Most of the rules are the same, but character creation has evolved. The templates used in previous editions have been replaced by paths so more flexibility is available in character creation.
The system is simple and in a good way. There has been no attempt made to keep different races and paths balanced. This is deliberate. It is acceptable and it is just part of talislanta. Combats are fast and bloody especially since you can't gain hit points after starting.
I do have a few dislikes: A lot of copy and paste from previous editions has left a few rules ambiguous. There is a mix of old and new art and with it a mix of quality that leaves a less than consistant feel. There are also a few gaps in the rules. The line "Ten years and still no elves" could have been replaced with "ten years and still no falling rules"
You have to be ready to improvise with Talislanta, but you will have fun doing it and it makes a great change from whatever you have been playing. Any system that survives twenty years is worth a look.