Based upon looking at the text, but not the forums...
FAE is not "Fate with Training Wheels." It's a streamlined, fast-to-play version of the core concepts of Fate: The Ladder, 4dF, Aspects, Fate Points. Approaches are simply very broad skills, mechanically, though some people don't see it that way due to the conceptual difference between what you know and how you apply it.
The key difference, Approaches instead of Skills, is mostly about "Who is the character"... It's not "what does he know" but "How is he going to be most effective." This is highly suited for high-action games, and FAE isn't the only such game to use the approach. (For reference, Hollowpoint by VSCA uses a very close approach, calling them Skills; the dice mechanics are quite different, but Brad's also an active Fate Developer - Diaspora is his baby. MWP's Leverage can be seen using similar super broad how do you do it, but calls them Roles.)
Because you're defining how the character interacts, rather than what they know, less tendency to second guess the GM's reactions should be evident.
Likewise, Stunts are simpler in FAE than in Fate Core; further, they serve the same role as Skills in Fate Core - specific competencies.
The differences also include the lack of inter-player involvement in Character generation. This alone speeds starting play considerably - people can generate characters beforehand.
Not having multiple stress tracks doesn't speed play, per se, but does increase the risks of stress. This is good for the high-action dramatic mode that the introduction uses.
FAE can be seen as a lighter-weight game, but since the core elements are functionally the same, it's better to look at it as a "Get to table and play" version. Accelerated is a good term - it's done away with the elements most likely to slow down getting to play: Stunts, Skills, and backstory-driven generation.
FAE is perfectly suited for action heavy, disposable character settings; you've less time and group effort involved in the character at the outset, and can both get to play sooner and can define the details easier for wilder settings.