- Is what they're doing legal/ethical? Will they be reprinting material from TOB or creating all-new material? Is this the kind of thing they need the blessing of WotC to do?
New material, with all new disciplines and classes. Which happen to work similarly, but there's insufficient grounds for a lawsuit.
- Has Pathfinder really changed from 3.5 that revising the material from TOB is necessary?
A little. Special conditions have changed, as have the special attack system, skills don't work the same. While you CAN port it over, it does violate some of the design concepts for a PF product.
- Is it more exciting that TOB is receiving attention, or is there some excitement based on new Martial Maneuvers? (Similar to support for Psionics or Incarnum or just new spells in general?)
Based on what they've done for Psionics in Pathfinder, both. There will be new content, while keeping the style of the old content.
- Isn't TOB awesome enough on its own? What is it lacking? (It's been long enough since I used it, I don't remember actually *wanting* anything new for the system.)
The dozens of homebrew disciplines out on the internet answers this by their very existence.