I love this treatment of the concept of playing kids fighting not-so-imaginary monsters, where belief can be a powerful force for good or for horror. The game is presented in a way that's delightful to read, especially with the example segments to set the mood, and goes a long way toward not only giving me the mechanics (which are clever yet simple on their own) but in helping me to figure out how I might actually run such a campaign. It's all presented with a very flexible framework that lends itself quite easily toward a more lighthearted and wistful take on such adventures, with nostalgia for a child's way of viewing the world ... or toward a darker, more horrific spin - all depending upon the GM and his players.
The mechanics are simple and effective, giving enough for each character to be distinguished from the others in terms of strengths and weaknesses, doing a fine job of allowing players to take on familiar roles of childhood protagonists from popular fiction, but without locking them into rigid archetypes. There are also plenty of options for the GM to handle combat and other action in a more detailed or abstract way (especially when considering multiple participants), so that there's the option of getting quickly through minor conflicts so that the time can be better spent on more story-focused elements.
All-in-all, this strikes me as a very well-thought-out system for an intriguing take on adventure roleplaying.