When I started this book, I expected it to be really lame. I was going into it essentially for Forgotten Realms lore, but being somewhat marginal even by the standards of FR books, my expectations were quite low.
I was actually pleasantly surprised. The book is smooth and never boring, the story is interesting, a sort of fantasy detective story with some surprises, and overall it is neither too long nor too short. It is quite original, as well. It spans a total of three days (six, if one considers the final chapter which takes place a few days later), and is wholly set in the town of Immersea. Furthermore, it is centered on minor characters from the previous book (a sidekick and a bit player, actually), and not the Alias and Dragonbait one might expect from a sequel. Given that, it is not really a sequel either.
I won't push it further than this. The book is nice but rather bland. The characters are really flat (pun intended), there are plenty of stereotypes, and some of them only begin becoming slightly interesting late in the book. For the first half, all characters look like dumbasses who have no clue about how to deal with anything outside their stereotypes. The feeling I got was that of an AD&D adventure where players were being a bit driven by the DM because at the beginning none of them were particularly interested in the adventure, so they dozed off most of the game, except when expressly called upon by the DM.
The latter is also the drawback of the story, in that it feels like a RPG adventure (which I bet it was) based on an investigation. While the writer is like a quite good DM in revealing the details only as the characters discover them, some of the events in the story are a bit out of place.
Also, both the story and the characters seriously lack a bit of heart. The reader will never sympathize with the characters, nor will the story light strong emotions.
All in all, it is a fun reading, no less and no more.
An observation with a minor spoiler. At some point, one of the characters casts a detect magic spell in a wizard's lab, and everything starts flaring a blue light that blinds all the people present. While this effect is very Eye of the Beholder-like and might therefore be enjoyed by old guard gamers, as far as the manual reads it is not like that that the spell works. The caster is able to detect magic, so, even assuming magic items radiate light when subject to this spell (which does not appear to be the case), that should be apparent to the caster only, and not to others (who remain unable to see magic auras).