I've liked pretty much everything I've ever read from Stross, and have never had concerns about his pacing, but this book(s) took some work to finish. The concept is still intriguing, and the effort put into fleshing out not just one, but 3 distinct worlds is noticeable. Unfortunately, it got really bogged down in the political maneuvering, and the multiple periods of near-imprisonment meant that the reader also felt the character's boredom as it dramatically slowed the pace of the story. It still has great dialog, sharp but appropriately subtle satire, but it really felt like the majority of the book(s) was laying foundation for things that might happen, like lots of threads are being pulled and woven, but you can't actually see how they fit together. While there is action, it's much less breakneck than in the first book. You also get treated to several more fairly lengthy explanations of the overall concept and history of world-walking, how Gruinmarkt's economy works, etc as a character explains it to someone who isn't familiar. You as the reader are left saying, "yup, heard it, got it, can we move on now, Mr. Exposition?"
I also found the amount of shifting between characters, worlds, and subplots, as well as the conversation transcripts that were intended to read like spy intelligence somewhat hard to follow. There are a lot of secondary characters in the worlds that Stross has built, and keeping them all straight, especially with a few months separating this book and when I read the last was a challenge since you're largely not reintroduced to them, you just get the novel equivalent of a ripple wipe, and they appear for a few pages to move a subplot forward. Then, the book ends fairly abruptly, but not exactly in a cliffhanger way. I expect to finish out the last book in the omnibus, on the hope that all of the setup was worth it, but I'd have thought that the opportunity to collapse 2 books into one omnibus release might give an opportunity for some more aggressive editing to improve the pacing.