1st edition was the "original" Warhammer Old World, then 2nd edition was set in a time after the Storm of Chaos (which by the way made some of the least thought out army list in Warhammer ever). What time/setting is 3rd edition?
1st edition Warhammer FRP was like Warhmmer 40k Rogue Trader in that they both had excellent concepts that were either forgotten or modified as to be unrecognisable in later editions.