This supplement was meant to be Changeling's 'endgame' book, dealing with high Wyrd, Arcadia, even the True Fae themselves. Fortunately, due to popularity (and high sales) White Wolf is going to be giving us a couple more Changeling books, but 'Equinox Road' still stands out as a spectacular book. So, what is it about, you ask? Pretty much exactly what I said - high power level, game-ending type stuff.
The first chapter covers the mechanics of playing and/or running really high level Changeling characters. Amongst other things, it includes the benefits and drawbacks of high Wyrd (Wyrd 7-8), with write-ups for each Seeming and Kith. It also includes a number of Merits exclusive to high Wyrd Changelings, and there are rules for forging new Contracts (which includes the sample Contracts of Reflection, for demonstration). The section closes out with a look at some elite Entitlements, like the Charmed Circle (nobles amongst nobility), Knights of the Widow's Walk (the ULTIMATE Changeling spies) and the Office of the Vizier Counsel (Wyrd-touched advisors). These Entitlements are quite powerful, offering multiple benefits to membership, but then, they ARE elite. All in all, an essential section for high power-level games.
The next section is more about Storytelling. It provides a rather short, but precise, overview of making a game both interesting and enjoyable to players. Although it might seem sort of basic, its good review even for veteran Storytellers. At the very least, a good dose of inspiration. On a more tangible level, this chapter also provides some rules for cross-over with Vampire, Werewolf, Mage, Promethean and even Hunter. It does not answer the infamous question about whether Mage's Arcadia and Changeling's Arcadia are one and the same, but gives options for both.
Following this is a surprising, but much needed, section detailing the True Fae themselves. Obviously this chapter is definitely off-limits to players, or at least should be. It gives details on running the True Fae, their interactions with other Fae, and even how to destroy them! Some real nice surprises here. It also provides rules for creating Actor, Realm, Prop or Wisp incarnations of the Fae. More down to earth, as it were, it also gives some details on the various 'realms' of Arcadia, and rules for Enchanted and Fae-Touched humans... that is to say, humans who went to Arcadia and came back without quite being Changelings. Chapter Four continues with a sort of guide to Arcadia and it's denizens for the ST.
Oh, and as an added bonus, the appendix at the end of the book gives rules for the Game of Immortals - including rules for running the True Fae as PCs and using their battles over Titles for a game. My group hasn't had a chance to run this yet, but it looks like a very enjoyable (and different) approach to Changeling. Certainly not something anyone was expecting. But over all, this is an excellent book, quite essential if you plan on running games of this sort of power level. Alot of the material is for ST eyes only, in my opinion, and very open to interpretation, but if you have a good gaming group this shouldn't be a problem. At the very least, it does much to enrich any existing Changeling game, even if much of the material doesn't come in until later in a chronicle (unless, of course, your starting out with True Fae as characters).