First Impression: It's the next logical step for S.T.E.P.
The Potentially Good:
Similar to Texture Pack Combiner by Cestral, this mod aims to make life easier for those obsessed with playing Skyrim with the highest quality assets possible. The primary difference is that where Cestral's mod requires the user to individually download and organize a multitude of different mods from differemt authors, this mod is a totally inclusive compilation - one download, one install. I have not yet installed the mod, nor have I made a detailed analysis of it's content, piece by piece, but I'm hopeful that on all fronts it will meet S.T.E.P.'s guidelines for inclusion.
The Potentially Bad:
The mod author openly admits that not all of the mod content has been approved for inclusion by their respective original authors. To this, however, the author notes at the bottom of the description page:
The proposed efforts to contact original content creators notwithstanding, this "It's better to ask for forgiveness than permission" attitude could see the mod totally ripped from the Nexus before I even get done writing this post. It's too bad that Ketaroz didn't detail exactly what wasn't approved, at least for posterity's sake.
I tryed to contact ALL of them that didnt explained in their mod description if I could create a compilation with that, 50% of them are cleary allowing it since giving its credits, 30% of them I msg and replyed me a OK and 20% I didnt listened from them after 3 weeks (so I assume they left the comunity). I got 0 dennies. :)
Anyway, if any mod author of the list, shows up, and ask me to remove from the package, I will promply do so and create a new version without his mod
Farlo's Post below (#3) provides some great relational data as far as individual 40Small mods and S.T.E.P. are concerned. (Thanks Farlo!)