I am serving as the "Event Coordinator" for this season of games as well as a table DM and I can tell you this module is VERY interesting. The concept of a full season of multiple tables interacting, occasionally swapping players and a group of playable NPCs to fill in the gaps allows the DM and Event Coordinator to evolve the experience. This provides an exciting game play for experienced players, but can still be forgiving enough for the new players that drop in for the weekly encounter.
We are actively converting this to 4e as the overwhelming majority of our players do not like the mechanics of Next at this point. This makes the encounters even more challenging, however we have seen a great deal of balance in the individual encounters as we do straight conversions. I tested this in Next with a small group and it seems to be quite a bit better than the last downloadable rule set from the original play test.
Overall, whether you play this in Next of convert it, the story and scope of the encounter is outstanding and reminds me of the old dungeon crawls from my early days in D&D. It borrows heavily from those old modules and dungeon crawls and makes me want to drag out my old copy of Tomb of Horrors and play it again. The Phylactery vault fight is outstanding and will challenge your DMing skills as players move in three dimensions and move from floor to floor in a massive battle with a demi lich.
I would recommend this module, even if you don't like Next. It is a strong module with plenty of opportunity for good game play
[4 of 5 Stars!]