Something had to go. Although I am sometimes peeved at the poor profreading/editing I am quite satisfied with their decisions on what SRD material to include and what material to leave out. The game is very playable as is with just the one book and if/when you need the more esoteric stuff you can easily access the SRD if you don't already have the rules memorized. Besides, Conan's target audience isn't really d20 newbies anyway.
Not to mention that part of the reason for having the SRD in the first place is so that other game publishers don't have to reprint the entire core rules every time they want to release a new setting. I don't think Mongoose messed up here at all.
It has been playable for experienced d20/OGL gamers since they can fill in the numerous gaps and make educated guesses regarding unclear rules, but for a new player wanting to enjoy a game set in Conan's world, I feel sorry for them. The Defense Value issue alone was enough to confuse even experienced players as to how to run combat properly - which is central to a Conan game.
Mutants and Masterminds is a thin 192 pages compared to Conan and manages to contain basically all it needs to get players in the game (super powers and all). All the rules mentioned here (environmental hazards, condition summaries, falling and range penalties, etc.) that are missing are in there, and easily found in the book and in the index. That part is not hard to do and does not take up that much space.
If Conan was not for newbies, then Mongoose may want to be a little more clear in marketing itself as such. If they wish other rule information to be found elsewhere, I think they should reference that and point people in the right direction. It is just the responsible thing to do as a game publishing company.
I love the Conan game and am happy to see Mongoose run with it, but I have to disagree with the "mess up" issue. The thing just needed more work and my fingers are crossed that the 2nd printing will be what the 1st printing should have been.
I really wish Mongoose the best on their work and am happy to see them working hard to present us with a better and more complete game book.