There were things I liked, and things I didn't.
I really liked that Defense/AC wasn't completely reliant on whatever magical armor you were wearing; starting characters would benefit, as would dedicated man-at-arms characters, but everyone else eventually dumps it for the most part.
The Magic system is open for abuse (non-Vandian (sp?) system, and allows for constant use, as long as you hit DC's), and being a male spell-caster is asking to go batshit insane by mid-level.
I wouldn't say a complete knowledge of the books is necessary, but reading the first couple really would help, in setting the mood of the game (IIRC, they were only up to book 6 or 7 when it was released anyway).