First: Absolutely this does have a future. With the success of the first release, Fantasy Flight Games has picked up the rights to all of the GW "non-miniatures" games. Now, I think that's a weak move as GW is pretty much giving up a cash cow for the US market (but I doubt they know the US market!), but on to the Review!
Pros:
First:
Its a d100 based system. I like that. Too many games try to use cute systems that too many people don't understand the probabilities in play. d100 is simple.
Second:
Combat seems to have all the elements covered without being to draconian. Also, see point one
Third:
Quick character creation. I like that.
Fourth:
Seem to have covered most of the bases for what you're likely to run into in an inquisition based game IF and only IF you are looking to model a campaign on Ravenor/Eisenhorn. Even Gaunt's Ghosts would be covered in large part. A Necromunda style RPG is definitely doable.
Fifth:
None of the problems currently plaguing d20 system with out of control Feats etc.
Cons:
First:
As noted by others, very little material for exploring other aspects of 40k is included. This may be deliberate to keep conflicts between source material down to a minimum, but it's lame. You're outta luck on Space Marines, Eldar, Orks, etc. The predominant members of the Inquisition seems to be Ordo Xenos, but little info on Aliens is presented! More Ordo Hereticus opponents are presented, and few Xenos are presented.
Second:
Character Advancement runs into walls, although I don't know how quickly this would happen. Others have mentioned it, so I won't belabor the point. There does seem to be a "advanced" rule book coming out later in the year, so by the time its an issue for most groups, it may not be an issue any more!
Third:
Too much emphasis on the Inquisition. Admittedly, the Inquisition is a natural source of plot hooks and all of the other peripheral style points you need to keep a game believable, but there's a million other things someone may want to do. I'm not bashing the Inquisition plot line, but other plot lines are completely doable even in the constraints of the source material.
In summary:
If you are a role player and also a 40k player, this is what you've been waiting for. My "cons" are quibbles, you can certainly work around them. The system is one that does enable story to dominate your games, but also doesn't seem to have too many glaring holes so the mechanical bit will be fun too. This is refreshing when the landscape is dominated by an increasingly mechanical group of RPGs hiding under the d20 banner. There's enough things you can do with characters, yet starting characters don't seem excessively weak, and while I haven't proven it, I think this game is likely to be ok with PCs at differing levels of experience, allowing for some interesting party composition.