This is an excellent systemless setting that takes a bit of Lankhmar, Sanctuary, and Port Royal and mixes them with a dash of Lovecraftian horror.The result is a setting that clearly shows its Dungeons & Dragons roots, but which should be easily adaptable to any fantasy RPG.Obviously, the further you get from the tropes of D&D, the more work you'll have to do, but there are some really good ideas in here.

The only part I really didn't care for was the description of the rest of the world outside of Freeport, but that only takes up a few pages and can easily be replaced.