I am not the sort of person who looks over a new book automatically for errors and/or too powerful rules-hackery, however I must say that if one applies the Unseelie Fey Template to the Tibbit race and takes the right classes and feats you might get something more powerful than the Level Adjustment of +0 would indicate.
This might just be a case of something that might need to be errata-ed, but the Unseelie Fey template does not list a modifier to CR or level adjustment. The example gnome to which the template has been applied seems to be of the standard +0 levle adjustment after the template has been applied. I feel this implies the Unseelie Fey template has a level adjustment of +0 relative to the base creature.
An Unseelie Fey Tibbit would have a +4 DEX mod, and a +2 CHA mod right? It will have a -4 STR mod and -2 CON mod to offset these. The Unseelie Fey Tibbit with one level in Battle Dancer and one level in Jester could have an unarmored AC about as good as a moderately armored FIghter, Barbarian, Ranger, or similar, and probably only slightly worse than a heavily armored Fighter.
Anybody else have any thoughts?
It strikes me that having a templated character is risky. Let's take a few +0 LA templates, such as the unseelie fey. Is it possible to take more than one template? Because +0 wouldn't stack, and soon you'd have a guy with hundreds of abilities. Yikes.