For what it is, and what it is supposed to do, this system is perfect. It is rules-light, fast, and easy. It is fairly granular, so there isn't a wide range for variation; however, in the way that I have tended to use it, it does its job beautifully.
This is an excerpt from an email I sent to the designer, which I realized would work well as a review, so I pasted it in here:
So I got the PDF a while back from RPGNow, read it, and found it fairly interesting. I actually know the crew that created Tunnels & Trolls, so the reference to it (and the way you handled the "all or nothing" of combat, as you mention) was pretty interesting to me.
However, I hadn't really used the system.
I've got three campaigns theoretically going, but haven't really enjoyed running any of them, so when some friends were coming over and mentioned gaming, I decided to run a fantasy game set in my own world, and wanted a simple system, since they can have difficulty mastering new systems, and even 5th edition D&D, which I like a lot, was more complex than I wanted for a possible one-shot.
I chose B&L, and have really enjoyed it, as have the players.
The system is simple enough to be easy to pick up and keep up with, and while on the face of it, the available options are limited, this allows the players and GM to "write" the characters and situations as they wish. No nit-picking of options or lists of choices to make, no restrictions on what race or class to choose from, and this allows the players and GM to "write" the characters and situations as they wish, something I've sometimes seen more specifically detailed systems give people trouble with. Just decide who and what your character is and get going.
I was able to whip up four sample characters in a few minutes, and make all of them interesting enough to appeal to the characters.
Play has been fast and easy, and the players all understood what to do, remembered what to do, and figured out how to use their characters' various traits and skills to their advantage very quickly ("I'm a soldier, I probably know where to find a good tavern.")
All of this has really contributed to my appreciation for the system, though I do sometimes wish it was slightly less granular, as there isn't a lot of room for nuance. But at those times, I try to remember that what a foe is like is up to how to describe it to the players, not what its stats say, or whatever.