I am quite fond of the promise of Nephilim, less so about the game that was released.
There's some recent discussion about it on rpg.net, and I believe it comes up on gamingtavern.eu from time to time.
The magic system from the core book was woefully wrongheaded in that it attempted to be a representation of Western magic. It was replaced by the system presented in the supplment Liber Ka.
If you want an alternate magic system to the two presented in BRP, it would work (with a little finessing), but if you're looking for something approximating what people think of as "real world" magic, stick to Liber Ka.
I would absolutely love to see a new English-language edition of the game that rethought the origin of the Nephilim, redid their relationship to their human hosts, and emphasized the "modern incarnations of mythological beings" aspect rather than trying to glom a Western occult conspiracy game around them.
The success of the entire White Wolf line demonstrates that there's a market for a game featuring semi-human immensely powerful beings living in secret amongst humanity engaging in a secret war with one another and other forces.