Damn good review!
I probably agree with you on every point, although I'd rank PTA at 4/4 - but I haven't seen the revised version, so that might change.
I think it is very important to stress the good GM and players aspect. PTA is pretty loose and as such, with a group that doesn't "gel" it wont present the same level of fun. You need to have a GM who is on the ball and a group of players who can play off each other well for it to really deliver, IMO.
Still, there are things about it I like - and I'm warming up more and more to it as a game in general. Namely because I have a couple of groups now who I feel would really make PTA rock.
Conan