A really standout game. Fabulous, I'll say - and innovating for sure.
Upon reading about it first, all I noticed was that it was GM-less. Didn't impress me...
When I had read several high praises and gave it a try, Fiasco proved to give me something I didn't have in 'traditional' RPGs.
I feel Fiasco like taking the most memorable episodes of several 'traditional' tabletop sessions, and having played just these in one session. All the not-so-epic episodes just eliminated. Like in cinema, as the creators of Fiasco say: you don't watch every damn mundane thing, likewashing pots and laundry - only the adventurous moments.
The innovative side (in my humble opinion) is how Fiasco manages the creation of characters, plots and outcomes. And - for surprise to those used to roll dice for attacks, saving throws, damage, cure wounds, ad infinitum - no need for any! Outcome voted by others, and it works brilliantly. Perhaps because no one is annoyed for a failure: after all, it's a Fiasco, folks!
One thing I noticed is, that for those playing Fiasco first time it may take more than those 2.5 hours some say. For us it took more than 4 hours. But a pure pleasure nontheless! I felt like we could record the game as a ready-made movie script.
Also I believe that a session of Fiasco can be a funny way to produce possible scenarios for other game systems.
Have a nice Fiasco!