I have all the 1st edition books for the art and fiction, but didn't begin playing until 2nd. From a close reading, I am amazed at the sheer amount of work that went into changing the mechanics of combat, the troop costs, compiling the armory, etc. Many subtle things were changed e.g. the Vulture Crossbowmen now being able to panic (wish they were still immune), the Blood-bones all did X2 damage, etc. All the numbers were changed from Close Combat, Damage, Leadership; it was an enormous undertaking.
Not to mention collating all the fluff and fiction from multiple sourcebooks! It may have not been proofread to my liking, but it was a feat gettin' it done even as it is. Yo.
I wish that a 3rd edition (I know how tacky that sounds) would be done as well (color printing) as the Warzone book and the old edition Chronopia. That wouldn't hurt either.