I voted bad. I feel to become a good system it needs the following
1, Change the weapon damage types to just weapon types, so you can learn Sword, Staff, Axe etc rather than Slashing, Crushing, Bone or Shadow. It would make life much simpler since you could have a main weapoon and emergency weapon for enemies that are immune to a specific damage type...BUT STILL BE SKILLED IN BOTH!
2, On a related topic Why the arrow proficencys for different arrows. It's unrealistic and unusable since there are so many different types and many enemies are immune to certain damage types. There are superior things to spend the points on.
3, Make some skills actually useful. Lockpick... how often does that work?. Embellish... 3% more gold (if there was any) per skill point, Recover Arrows... when you can find so many anyway. There are probably plenty more but my sucky skills sixth sense means I've not tested Trading, Luck, Wisdom, Feign Death, etc etc. Skill points are the most valuable commodity ingame and shouldn't be wasted on such mostly worthless things.
4, Change those skills which are limited by chapter. I understand Alchemy 3 and 4 can't be learnt until near the end of the game for example. This is the very definition of linear gameplay. If I want to learn some skills I should be able to by Act 2 at the latest, it's my choice if I want to put the points in a skill, and it only suggests the skills themselves was badly planned if they need artifically crippling like this.
Of course I could list many other things that I feel would benefit from changes, but they only tie into skills indirectly, so I won't bother.