This set was before my time--literally: it came out two years before I did! It's also a set that I've never acquired or had the pleasure of knowing in person, but it's a simple enough set that I don't think I'm missing much of the experience.
This set really illustrates the changes that have taken place in LEGO since the mid-1980s. The closest set in the 2010-11 Kingdoms theme was 7949 Prison Carriage Rescue
. The differences are illustrative. Ignoring for a moment the extra figs from the enemy faction, the two sets are somewhat similar: two-wheeled carts pulled by a single horse, but look at all the pieces on the Kingdoms cart that didn't even exist in 1985: cheese slopes, headstalls, unicorn horns--to say nothing of the colours!
While, in the main, this does indicate progress on LEGO's part--a company that stands still is unlikely to continue to make a profit--but the new set does lack something the old one does in the charm department. But for having a little more black in their uniform there is NOTHING to indicate that the Falcons were the bad guys in the 1980s. Certainly, the smiley face did not suggest they were all that bad. In general, I think the newer pieces do mean that the Kingdoms cart is the superior build, but I miss the day when a cart did not have to be a prison carriage or battle chariot to merit inclusion in a set (to be fair to Kingdoms, the King's carriage is neither). There's also something heavily nostalgia about knowing that this light grey treasure chest was an exclusive rarity in a world that would be dominated until 1998 by brown chests only. Today we have gold chests and trans-dark-pink chests and they don't have the same cachet that this simple chest had in "the good old days."
All told, this isn't a remarkable set... but it is one simply loaded with nostalgia, and one that I think would have been rather fun on its own (of course, I might be biased by Lord_Of_The_LEGO's Lone Falcon Chronicles