This is a blog dedicated to the simplicity of the Old School Renaissance of Role Playing Games and the Fusion of Modern Role Playing Game Ideas.
The all "W"s is a nice touch.You could always add "Worshipper" if you wanted a religious character.
I'd say you would have a great game where the players get even more focused on being awesome and stop worrying about details like character class as much ... but I'm all for trimmed down lists of options and letting the gameplay define characters. Go for it!
I'd say go for it. Like Dale, I am inclined to letting game play define characters. I prefer characters to be awesome because of what the player chooses to do with them, rather than because of inherent skills of class and race.