Note that Flaming Eternity is not tournament legal until April 1, 2005.
The best card in the set is definitely Lightning Vortex. For a discard of one card you can destroy all face-up monsters on your opponent's side of the field. That makes for a good combo with Ceasefire (or Desert Sunlight I suppose).
The most wanted card is the Sacred Phoenix of Nephthys. It's a 2400 ATK 7 star monster. If it is destroyed as a result of a Spell, Trap, or effect monster effect, it is Special Summoned during your next Standby Phase. When it does so, all Spells and Traps on the field are destroyed. The effect works even if you destroyed the monster yourself by Torrential Tribute or something like that. It even got its own support card (Hand of Nephthys; tribute it and another monster to summon Nephthys from the hand or deck) This card is Limited to one per deck for good reason.
I do not think Gearfried the Swordmaster is very good. Remember, you need two cards to bring it out (Iron Knight and Release Restraint). The effect is nice, but you need equips to make it work. In order to use its effect to the max, your deck has to have many equips. So if you only have an Iron Knight and no Release Restraint you cannot use those equips. Also note that since the Swordmaster's text says "...You can not Special Summon this monster except by the effect of 'Release Restraint'..." that means it is a Nomi monster. A Nomi monster is a monster that even though you can special summon it, you cannot get it back from the graveyard with recursion later on(Premature Burial, Call of the Haunted, etc.). Gearfried really cannot be in a competitive deck.