It has the same basic "vibe" as the original two seasons - the only difference being that the secret behind it all is already known to the watcher.
However, I don't think that's too bad of a thing: It's the Hinamizawa we all know and love, just going down a different path leading to its inevitable destruction.
Also, we get to see a blood-sprinkled Rena in action with her cleaver knife, Keeichi-Kun using Satoshi's bat, and overall just a whole lot of insanity.
All in all, it's something like a short version of Higurashi that lets you reconnect with everything important.
