I like the mod. The distance is perfect for the mod, and it's hard for me to explain why. The distance is not so close that it instantly degrades to grappling, yet it's close enough so that combat starts within the first few turns. The distance is perfect for body blows, which is what most openers aim for, yet combat is orientated around tactically avoiding or softening blows from opponents, while trying to score large hits yourself.
Crippling the opponent through dismemberment, while pretty, doesn't instantly end the fight for one person's favor unless the dismemberment is huge (i.e. chest boom), in which case the fight is well won. But even then, the fight is still not over, as the turn frames are low enough that precise control over even half of the body is still possible, which can lead to some interesting wins.
The only thing I believe could be stood to change is the dismemberment threshold. It seems a bit low, considering it was at 100 since the beginning of the game, to the best of my knowledge, and it hasn't changed in accordance to increased awareness and competence of the general player base, to the best of my knowledge (I haven't had the chance to play in almost a year now :s). Even kickbox increased its threshold at some point, if memory serves. 150 dm seems like it'd make dismemberment not so prevalant, but still keep it a vital part of the mod.
Heck, I've played tk a few times with 150 dm and it felt a lot nicer than standard tk.