I can hardly believe I'm rating both Phantom Bullet novels at 5 stars, but... they were genuinely good.
A lot of my issues with SAO were clear from previous arcs' reviews, I think. A lot of those issues play little to no role in Phantom Bullet. Yes, there's still weird stuff about misunderstandings with technology on part of the author. Yes, there's still the fawning over Kirito. Yes, there's still the problem with a new female love interest being introduced yet again. Yes, Asuna did get sidelined again for the most part of the arc.
But frankly, there was a lot that this arc nailed, primarily on the subject of PTSD, dealing with deep-seated trauma and psychological breakdown. The social anxiety issues, bullying, stalking, trying to work out how to stop feeling weak, the discrepancy between real life identity and online persona... there's a lot of heavy stuff in here. A lot a lot.
While there's still a lot of the usual stuff here, the increased focus on the heroine, Sinon, helps the narrative greatly. She makes the arc, and by the end of it, I felt like I clearly understood who she was, her background, fears, strengths and genuinely liked her as a fully rounded member of the cast. It also helped that her chemistry with the other characters felt relatable, and her chemistry with Kirito was great. Instead of hitting the usual tsundere tropes, the author managed to construct somebody whose reactions and behavior suited her role and outlook.
Another important point is the almost complete lack of "fanservice"-type scenes. While one does exist in volume one, volume two plays it very straight and relies on emotional buildup rather than resorting to accidental chest-grabs or the like. It's all bonding. Had that stuff been in there, it would have honestly undermined the narrative in a big way - so I am happy to say that this is a serious story, told in a reasonable manner.
There is a downside, however, in that the villain, for a large chunk of the story, is kept a mystery. His motivations aren't fully cleared up until the aftermath, like a detective explaining the culprit's motives to the survivors of an incident. As a result of that, and sadly shared elements from both previous arcs in how the villain is designed, it feels much more evil-for-evil's-sake than I would have wished in a book that tackles the aforementioned themes. I want to stress, however, that the villain, too, contributes to them. It's a matter of depth, not necessarily missteps. In fact, I feel like the villain of Phantom Bullet is much more believable than either of the main antagonists from Aincrad and Fairy Dance.
I'd go so far as to say that the villain of Phantom Bullet horrified me. I was clearly unsettled reading the finale in bed at night. It made me uncomfortable in a good way - I noticed myself pausing to question if the author got swapped halfway through, because I didn't think he was capable of that stuff being handled this well. At least not from looking at Oberon.
And then it turns out, thanks to the afterword, that while Aincrad and Fairy Dance were mostly left intact from their Web Novel editions when they were published in light novel format, with only fixes and minor consistency changes (even though there are still retcons in the series!), Phantom Bullet had to be massively rewritten, with volume 6 being almost entirely redone, and as a result excessively longer than the rest of the series so far. It could probably eat up another volume and then think about seconds.
So if this feels much better than the other arcs so far, that's probably because the author had grown noticeably since the original Web Novel run of Aincrad and Fairy Dance. For one, the existence of an actual editor looking at it from the start will have helped. Thanks, editor-san!
Either way, I greatly enjoyed my time with this arc. It's the best so far on a character level, and in matters of pacing. If later arcs manage to live up, I'll be looking forward to them. And no, I didn't go ahead and buy the tie-in video game. At least not yet.