I was the project editor for this book. I hope Narl won't kill me when I tell you that essentially it is Basic Magic. However, I spent quite some time going through the whole thing, and updating it to the BRP core rules. Any specific RQIII isms were pulled out: for example, any references to Fatigue, Hit Locations, Strike Ranks, etc. They were either converted to the core BRP equivalent, or smoothed into something else. Existing errata was also incorporated into the book.
If anyone has futher questions, feel free to ask. It's been a while since I worked on this, so my memory may be fuzzy, but I'll do my best to answer.