Well, all in all, it was not as bad as it might have been. Still, a traditional Encyclical would have given more place to the relationship between faith and reason, especially since this is most often called into question today viz. natural theology, the revelation of God in the works of creation, the motives of credibility for belief in Christ, the harmony of reason and faith in assenting to revelation, the marks of the true Church etc. This was what Vatican I did, and it was reflected in the Oath against modernism.
Instead it traces the story of salvation history, beginning from Noah, Abraham and the patriarchs, through Moses, finally to Christ, the Apostles and the Church. It closes with an invocation of the Blessed Mother.
Still, there were some statements in the Encyclical that were heartening, in particular 48. that the deposit of faith is to be passed on in its entirety, that to distort one article of faith is to reject the whole etc. The statements on marriage 52. and the public and social aspects of faith 55. were also good. Nothing in the letter seemed blatantly unorthodox.