Believe it or not, there IS a good game in here. You just have to wade through a layout that isn't as clear as it should be and some acronyms that might make the game seem more complicated than it really is. The Ability Tree system for defining a characters skills and traits is infinitely customizable and will generally allow you to design any character you want. The combat system is different from what most people are used to, but it's fairly easy to use. A "you design the spell" magic system is provided that does a pretty good job of simulating the arcane arts.
What you're basically getting with Eldritch Roleplaying is a toolkit. You'll need to put some work in to fully realize the game's potential, but I think much of the criticism leveled at ERP isn't 100% accurate, either. ERP doesn't reinvent the wheel, but it does give you a different wheel to play roll around. For a generic fantasy RPG, it's pretty good.
Good: Very flexible character creation system, interesting approach to combat with Defense Pools, good toolkit for GMs who want to create their own fantasy worlds
Bad: The layout and organization is sometimes quite confusing, the various acronyms take a while to learn, a full-color version would've been nice.
[4 of 5 Stars!]