What attracts me about this project is that, while Crisis isn't precisely brilliantly told, the concept is very interesting and I'd like to see what Wolfman does with it now that 20 years have gone by, and now that he has more liberty to expand on anything he wants. When I first read about this I thought it'd be something like those lame novelizations of hit movies (or even comics, like the Death of Superman and Knightfall novels), but after reading the interview I realized Wolfman is actually trying to improve and flesh out the story, and not just transcribe it to another format.
What hurts Crisis the most are two things: first, lack of fleshing out characters, something that the novel format will probably help a lot, and second, too many useless connections to comic series being published at the time, something that obviously won't be included this time, unless the scenes are really necessary to the story.
Also, has there ever been an actual novel about an epic superhero adventure like this? I don't think so, and I think the idea has a lot of potential. Crossover epics are a great idea that's never executed properly, and this could be the first time that happens.