One day, I really hope to play in the sort of game imagined by this book's Storytelling section. It's so intense! The book explains how to discuss boundaries before a game, what to do if someone gets too emotional, and even discusses how to use things like safewords. I've never played a game that's gotten anywhere even close to that level. I'm not sure how you get that involved. There must be some some social convention where by players and GM agree to take a game super seriously.
Unfortunately, the book doesn't explain how to find people like that.
Then again, maybe it wouldn't be so great after all. There's a lot of talk about things like torture and sexual assault and maybe it would be better if this were just a fun, light-hearted game about faeries.
Working backwards, the setting information was pretty good. Much more useful than 1e's Miami. In its brief world tour it shows a variety of changeling courts from Hong Kong to Reykjavik. Its only significant flaw is the same one 1st edition's setting had - there's no example of a "typical" location, that uses the seasonal courts in their default configuration. I think something like that would be really useful for GMs trying to set up their own games.
Overall, the second edition of Changeling was an improvement over the first mechanically, but a lateral move creatively. It's more sure of itself and what it is, but 1st edition felt more out on a limb, more daring, despite its flaws. A proverb about roses and thorns springs to mind. I guess if I had to choose one or the other, I'd choose second edition, but honestly it doesn't feel complete without first.