I think I will always be looking for the perfect hymnal, having used dozens of different ones in my life. "Hymns of Grace" is surely one of the best--worthy of 4 out of 5 stars, but it does have a few drawbacks. The hymnal is reformed in orientation.
Obviously the hymns have first of all been looked at for doctrinal soundness. Biblically unsound hymns or hymns that tend to make liars out of us such as "Redeemed" ("I think of my Savior all the day long" etc) have been eliminated. The hymnal has a nice balance of classic, older hymns and newer ones by such artists as Keith and Kristyn Getty, Stuart Townsend, and Chris Anderson. In a few cases (as "Glorious Day #212 and "Oh, the Deep, Deep Love" #154) an older superior melody has unfortunately been replaced by a newer one or poorer quality.
The selection of Christmas hymns is excellent. There is no hymn for Palm Sunday (such as "All Glory, Laud, and Honor"). Aspirational hymns, hymns suitable for missions conferences, hymns expressing repentance, and evangelistic hymns are in short supply. Choruses and Scripture songs are almost nonexistent. Perhaps they have a separate chorus book for those. Sadly, two omissions from the resurrection choices are "Jesus Lives and So Shall I" and "He Lives." Also in short supply are hymns focused on the second coming of Christ.
What will probably shock most first-time users of the hymnal are the many omissions of good, classic hymns. You will look in vain for these: "Face to Face," "Onward Christian Soldiers," "Trust and Obey," "I Am Not Skilled to Understand," "Teach Me Thy Way," "Count Your Blessings," "Peace, Perfect Peace," "Standing on the Promises," "Jesus is Coming Again," "Jesus Loves Me," and numerous others.
A few other changes I would have liked to see: a Scripture reference above each hymn, especially when alluded to in the song, and the dates attached to the authors' words and music below. Many of the hymns have a heavy, solemn feel to them--which is desirable up to a point. Some with a lighter, more joyful feel would have been a good addition.