I have two major issues with JMS's generally excellent Thor series: 1) The pacing is absolutely glacial, and 2) Loki's apparent cleverness is presented at the expense of everybody else on Asgard.
Both of these things are made especially clear in this middle volume.
The relatively slow pace worked well in the first volume, as Thor was trying to reestablish Asgard in a cautious way under a completely new paradigm, and that caution was represented in a deliberate pace. Here, Loki's scheming essentially takes center stage, and while his works are intricate and take a lot of time to be revealed--seeing the Bor story from two different angles, for example--it. just. goes. so. slowly. Originally, these came out in monthly comics. That would have been frustrating. It doesn't even feel padded, just kind of stalled out.
The second issue is more important to me, really. Loki is obviously as much as a liar and schemer has he has ever been. (I am going to continue to use male pronouns for Loki despite the female body he occupies in this series, for the simple fact that the body is not a reflection of his identity but rather stolen for the single purpose of garnering the Asgardians' trust and he readily admits this to one of his allies.) The thing is, Loki's scheming is obvious to everyone, and even though he is repeatedly threatened with death, all the Asgardians listen to him as if he really is a new person. Balder in particular has quite a round of plot-induced stupidity regarding Loki. I realize that Balder is in a bad place mentally and has had the rug pulled out from under him (by Loki, of course), but he should know better than to trust Loki, new female form or not. (It makes Balder's credulousness seem even more absurd to see Oliver Coipel drawing Loki as obviously evil as possible at every appearance.) I have read a few runs of Thor over the years, and I don't remember much about Balder as a character, so maybe he is as much of a dumb cypher as JMS is making him, but he seems to be laying it on thick here.
One last thing I want to touch on is the turn of focus away from Thor in the book. JMS is telling a large ensemble story, I get that. And he likes Donald Blake enough that he brought Blake back as a distinct person separate from Thor, and he therefore needs a perspective and story of his own as a reason to exist in the narrative, which I also get. And we need to get into the heads of various Asgardians, and Loki, and the citizens of Broxton. But come on, JMS: you have roughly 18 issues to do this. These things are all important, but the title of the book is "Thor," and his absence is notable. (Yes, you could argue that Thor's absence from Asgard, his forced division of his life with Blake causing neither of them to be able to focus entirely on their own needs and priorities causing them--Thor in particular--to fail, and Loki's manipulation of the situation in his absence, is a deliberate part of the narrative. I might agree even, but that doesn't mean I have to think it works well.)
So, that was a lot of complaining. But I still liked the book. (Maybe not as much as I did when it was new, but still.) It's a middle chapter. It isn't going to stand as well on its own. That being said, of the twin cliffhangers, Thor's fate among his people feels especially contrived, but the Asgardians' potential move to a new home has potential for a lot of mischief.