From what I've read (both in response to yesterday's blogpost and the corresponding thread on G+), Fate is too far from my comfort zone to ever run for more than a one shot. Without character development like a more traditional RPG, I don't see how you could hope to run an extended campaign of any sorts. Without the real risk of death of your character, there really isn't any risk at all.
This does not preclude me from playing in a game of Fate, I just don't see myself ever running it. As I GM 95+% of the time, I doubt I'll get much Fate in.
Now, I remember FUDGE, which Fate is built upon, but that's like saying Monsters & Magic was built upon OD&D - it's not, even if some of the superficial trappings are there. It is very much it's own game.
Is there a game / hack that combines "Old School" sensibilities (levels, expo, live or die combat) with some of the elements of Fate? Dungeon World doesn't seem to be it and I haven't read Torchbearer enough to see if it fits the mold. Monsters & Magic is a great game to convert old school to new school, but the play is most certainly new school.
Fate intrigues me and I love the settings - but the mechanics or lack there of leave me cold.