So far? Great! I have some issues here and there - such as staffs (and as a result, spells in general) getting nerfed to hell, but overall I like it quite a lot. I mean, what's the point of being "good" with staffs, if it means absolutely nothing? You'd get +1 range with spells either way... If being good with staffs also boosted magic, it'd help to make magic on par with the physical skills...
Right now, the only thing it seems to be good with is having a wide-area S-rank attack. But, if you're only going up against a single foe, it seems to suck in comparison to physical skills...
Personally? I'd bring back weapon levels, but keep D3's skill/spell learning system. Also, I'd change the damage formula a bit so that Defense and Resistance are actually decent stats to improve... Right now, anything that boosts speed - Guns and Fists, in other words - dominate, as they help to evade. After all, at higher levels, it's either dodge or die... They should at least have it so that with a high enough DEF stat, some of those higher powered skills are still survivable if you get hit, but due to how the damage formula works, it's not the case...
Of course, it goes both ways, as it makes your attacks overpowered, but still... It'd be nice if they could fiddle how they work with it a bit...