I bought a copy of the PDF and paperback  of Swords & Wizardry: Complete Rules  from Frog God Games this evening, and after a quick scan of the PDF my initial reaction is positive: it does look like what I'd hoped it would be: a much better organized restatement of the seven original D&D booklets, and I think it is likely to become one of my favorite versions of D&D. Matthew Finch of Mythemere Games and Frog God Games have done what looks like a fine job.
Swords & Wizardry: Complete Rules is a retro-clone of original D&D.
And the text is OGL Open Game Content; to quote from the OGL section at the back of the book:
This entire work is designated as Open Game Content under the OGL, with the exception of the trademarks “Swords & Wizardry,” “S&W,” “Mythmere Games,” “FGG,” “Frog God Games,” and with the exception of all artwork. These trademarks, artwork, and the Trade Dress of this work (font, layout, style of artwork, etc.) are reserved as Product Identity.
I'm going to have to sit down and read this in detail very soon.