I picked up Mongoose's Runequest II a couple weeks ago. I've read through it, and made a character. I really like a lot of the things they've done with the system. Much of it is familiar if you've played Mongoose's first version of the game. I liked the optional mook rules, where minor monsters are easy to beat (but not so easy as D&D 4e made them).
The updated variant magic systems are also pretty cool. I suspect once I get a chance to run this game, I will be limiting magic to Sorcery and Spirit Magic, and both will be advanced skills. I just like both options, and they are quite different from each other. I might allow Common Magic for Elves, and potentially some magic-rich human cultures, but I think that's what I'd limit it to. I think allowing everyone access to Common Magic, such as what happens in Glorantha, is a bit over the top for me.
Combat is still dangerous, with the possibility of being incapacitated being quite high if the players don't ambush their foes or work together. However, it looks like actually dying might not be too common, due to the healing rules. As long as at least two players have some healing skill, they shouldn't have to worry too much about dying (barring stupid moves, bad dice rolls, or fighting creatures that are too powerful for them). Though a cruel GM could have the monsters taking an action to coup de grace players.
Overall, if you are interested in a gritty, but magic-rich, fantasy game, Runequest II is a great option.