... Why is it meh?
This engine is capable of exporting a game that can be played in a web browser, as a facebook app, on a mobile device, on XBL, or nearly any other format, without having to download and run any additional environments. You can even distribute a game you make on this via Steam.
They already have 3 graphics packs (and you can use graphics from ANYTHING, in ANY size), use programming to extend and add features to it, if you don't know programming, you can use eventing that is actually rather similar to RM*, and the mapping/graphics placement is as easy as drag & drop.
It's easy enough for any of our RM*-dependent members to use, and complex enough to keep the more advanced users happy.
You can use it to make ANY TYPE of game -- From platformer to RPG to racing to ANYTHING. There're even people working on extending the engine to be 3D-compatible!
The games made with it are even more distributable than making games in Flash.
And the creators of the engine are just 2 guys -- an indie development studio -- NOT a large company based in Japan who will never hear nor appreciate your comments on it.
Really--what is meh?