At Origins 2009 I had the pleasure of playing in an Introduction to HackMaster Basic session run by Steve Johansson, one of the designers (Dave Kenzer, another designer, was running the other table). Full disclosure: I'm a staff writer for Knights of the Dinner Table but when it comes to HackMaster I'm as much newbie as anyone else.
HackMaster Basic ($19.99, Kenzer & Co.) is a new beginning for HackMaster; the first edition of the game was based on Advanced Dungeons & Dragons with a number of supplementary (and often humerous) mechanics tagged on. After losing the D&D 1E license , KenzerCo decided to reboot HackMaster with their own game engine.
The end result, featured in HackMaster Basic, is a mix of old and new. It's touted as being the very best in old school gaming, but in truth it manages to sneak in a number of innovations into the old beast. The end result is something that I think could work for a lot of folks who enjoyed the older editions of D&D, but are looking to mix up their games.