I like the change to settlements. I was thinking that with the addition of roaming armies, building the increased town watch would become even more necessary. It's already a bit of a juggle trying to find space for recruitment, blacksmiths, growth and the like. Some buildings were also a bit useless, especially later in a campaign. The trade depot for the Dwarfs and trade resources kind of lost their purpose later when major trade partners were destroyed.
Addition: As it mentions in the Reddit post; the increased build slots should also help the A.I. with army recruitment, having more slots to build tie in buildings to recruit later units.
I look forward to the roaming armies. Having groups of trolls spawning in Troll Country or squigs attacking in the mountains will make neat little diversions, as long as the spawned armies aren't too big. I do kind of hope they're small enough to be warded off by the town guard, but with the increased build slots this may be less of a concern for me.
I do like the treasure hunting system. It'll give more reason to send lords out, searching for stuff. I wonder whether they'll appear for all factions or only for one. It mentions recruits as a reward and I wonder whether that means possible cross race units?
The magic system change is also very nice. I never put two points into a spell, so putting a point in to get overcast will also give more incentive to use it. Not every spell as it is gets overcast though so will some spells have three points and others two?
Addition: There's a note in the thread that Teclis gains 8 attributes of magic rather than access to all lores of magic.
I didn't really mind the faction settling restrictions. I mean, it had positives and negatives. It meant fighting some enemies wasn't really beneficial but it also meant there was little reason to mess with, say, the south as the Empire.
Addition: Ah, it mentions races will have preferred climates with build, growth and public order penalties if you settle in a different climate.