It's pretty good. There are some parts that are deliberately silly or unsubtle tributes to one thing or another and the occasional proofreading error, but the mechanics are solid, the content is interesting and the presentation is good.
That's what I meant when I said the treatment of levels is the biggest compatibility issue between the systems: SoPM's level 1 spirits don't scale quite well enough to match its level 3 spirits, but its system provides the option to pick 3 level 1s instead of 1 level 3. Otherwise, the Secrets of Pact Magic and Tome of Magic systems are very similar.