The second volume of The Invisibles is even better than the first. While in the first volume, the longer arcs were of lesser quality than the single issues, on the second volume the arcs excel.
It starts with the three volumes of "She-Man" (13-15), which is the story of Lord Fanny. Not only is it a strong and emotional story, but an excellent execution in a way only the graphic novel medium can deliver. At some point in the story there were five different story lines (three time lines for Lord Fanny, plus two stories for the rest of the team), intertwined in more or less one page. Try to do that in a movie or a book.
The next issue, "London" (16) brings us back to the story of Dane/Jack Frost. It is a nice continuation to the first volume, and a tie-in to the future. The continuation of this is "Liverpool" (21) which also introduces Mr. Six. While these stories stop the pace a little, they turn critical in the later story.
Then starts one master arc, the continuation of volume one, which ended with King Mob's capture and torture. That is the three issues of "Entropy in the U.K." (17-19), and later "House of Fun", "The Last Temptation of Jack" and "Good-Bye Baby Rabbits" (22-24). This one has it all, a strong story, a strong team, including much of Jim Crow which was introduced in volume one, great action and excellent execution. The story revolves around the team trying to rescue King Mob and Lord Fanny and on Dane finally coming to terms with his powers as Jack Frost. Everything before that comes together, starting with with excellent exposition of KM's past through a brilliant story element (Sir Miles trying to read his mind), combining with Lord Fanny's capabilities, Jim Crow and finally Jack Frost. The only ones not really shining are Boy and Ragged Robin, which at this point are still under developed.
One attempt to develop Boy a bit is "How I Become Invisible" (20) which is stuck in-between. I did not find it to contribute much, mainly because Boy does not have a major part in the story as of yet. As it stands, it provides a little rest from the action, but not much else. I did not really like the art on this one, not because it was bad, but because it does not tie in with the series.
The volume end with "And a Half Dozen of the Other", which introduces Division X at last, after they are mentioned quite a number of times through the volume, and ties in to the next story. Maybe I imagined the buildup for this, but it was anti-climactic. "And We're All Police Men" from Vertigo: Winter's Edge #1 is quite redundant. The volume ends with some behind the curtains, providing a spotlight on the process of starting such a series.
Overall, an excellent volume, setting the bar pretty high for the rest of the series. The single issues brought it down a bit, so 4.5 out of 5. I'll round down only because I keep the five stars for perfection, but it may as well be five stars.