Game arrived today and I couldn't resist opening the box right away.
After looking it over most of the afternoon I have to say I am intrigued. It appears to be a pretty original approach to a wargame, reminding me in many ways of games such as Napoleon's Triumph, Friedrich or Hammer of the Scots. The components are fine-looking, in a euro sort of way (I don't mind the meeple troops, but they've gotten a very mixed reception among wargamers, it seems).
Indeed, BGG comments also seem to indicate that eurogamers also don't know quite what to make of it.
First off, despite physical appearances, and Martin Wallace's disclaimer that it's not an attempt at "simulation," let there be no mistake -- this is a wargame. It's probably even more firmly in the wargame camp than Borg's Commands & Colors system. And I think Wallace may be selling his design a little short. While he didn't do an SPI-style system analysis. detailed OB study or terrain walk, Waterloo is not some simplistic or stylistic war-themed game either.
Still, it may be too euro for most hex-and-counter lovers and too wargamey for Wallace's usual fans. I'm looking forward to trying it out.
My only component reservation on first glance is that the dark blue of the French Imperial Guard is hard to pick out from the black color of Prussian regulars under some light conditions. This may not turn out to be a problem in actual play, but it would have been better to have a little more separation in shade, I think.