Tried out 2nd edition, the GM really brought it to life and the roleplaying and banter between the characters was fun (it was an playtest adventure, I played a foreign prince, another player his futur wife, another player his brother in law, another his bodyguard).
Didn't like the system much though, it's just way too open and loose. Heard that the first edition is much better, be it it's system or how the setting is handled.
I read the 2nd book and the setting is basically Europe with some magic flavour, it fit the bills if you want to do swashbuckling with a lot of magic but there are other systems for swashbuckling.
Always wanted to get into a swashbuckling campaign or run one with Honor+Intrigue but never could