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I have a basic character back story setup, and I've read through the Player's Handbook a couple times, but since I've got the most experience with D&D I've elected to fill in to be whatever the party ends up lacking to make it a nice balanced group. Hopefully, in the next couple days I'll have a recap of my initial thoughts into how character building and game play went, but initially from reading through the books and rules it does seem like a well-condensed version of 3.5e with some pretty straightforward rules.
Overall, I'm excited to see how it goes and excited to watch how some D&D newbies get their feet wet with a new campaign.