It does match the third printing of the hardcover.
I think the art size is excellent - no loss of impact there and the book is easier to hold up for the players, so I think that's good.
The font size is smallish - my 46 year old eyes can't read it if I'm tired or if I don't have my glasses. I think it's usable though.
It doesn't sit flat without something weighing it down (I could read everything from elemental to otyugh without a weight, but it wouldn't stay open beyond those).
I suspect there'll be a lot of reports of the binding falling apart. I'd definitely recommend heavily working the 'prefolded' crease on each cover. It creates a kind of brace for when you do leave the book open (presuming it works the same as the 64 page books).