This gothic story of horror has several things going for it: the supreme creepy setting (Ravenloft), a great central figure (Lord Soth), a gripping storyline (the sequel to "Knight of the Black Rose"), and plenty of tragedy and dread to go around. One thing it doesn't have going for it is good story-telling.
Picking up on the tragic tale of Lord Soth, master of Sithicus, "Spectre of the Black Rose" ignores or even undoes much of what made the first book so good. Soth becomes a secondary character in his own story and is master of little within his own domain of dread. Instead, this is largely the tale of "The Bloody Cobbler", Azrael, and some other characters and their own political machinations, as well as the classic (or, in this case, cliched) tragic love story. The authors set a large stage upon which to work and over reached, leaving behind several unfulfilling story fragments with unsatisfying "resolutions". Even Soth's own story - secondary though it may be - becomes forced and clumsy in a slow march toward an obvious outcome, which the reader probably doesn't want.
For fans of the Ravenloft or Krynn settings, there's enough here to make it a worthwhile read, both both of those fantasy settings have produced better - which may be the saddest fate for a character of Lord Soth's stature.