As the penultimate volume in this excellent and long-running series, I'm awfully happy with this entry.
Forged has all of the things that made the earlier books so engaging: the moral and ethical complexities, the fantastic examples of magical power, and the continual evolution of who Alex Verus is as a person and mage.
This book is about control in a lot of ways. Despite being a diviner and having more than a little insight as to what his options and fate might be, Alex has never wanted to truly take control of things. He's been a reactant, using his powers not to decide on what encounters he will have, but to try and set the terms of those encounters. As he's come to understand more about his place in the broader world and accept the fact that his basic power puts him in the world in ways that he might not always like, but has to deal with, he's also accepted the consequences of that, along with the fact that others are also responsible for their own acts.
And now, Alex is taking control of his own life again, stopping reacting and trying to manage the consequences of others decisions, but to make some decisions of his own to get what he wants and needs. His growing sense of control is contrasted nicely by Rachel's continual lack of control and Anne's growing loss of control herself. These are two of the more important people in his life, and their inability to find that level of control (over themselves, over their power, over their environments) in many ways shows Alex that as a person of ability and power he can't simply sit passively back, but instead has to take command of his life in more active ways, even if it means killing people he'd rather leave alone.
He's a more dangerous person now than ever before, but at the same time he's someone who has shown over and over that his word is good, and the people that fail the worst against him are the ones who refuse to accept that. Blinded by emotion, preconceived notions, rules or whatever they fail when they go head to head with him in part because he does keep his word and does what he says he will do. The evolution of his relationship with Cinder is a perfect example of this: by keeping his word, he's turned an implacable enemy into a solid ally. They may never actually like each other, but the respect is there.
The confrontation with Levistus is outstanding, showing just how rotten the Council has gotten and how lost Levistus has become by always allowing the ends to justify the means until the greater good he's supposedly working towards isn't anything resembling good at all. (In game terms, Levistus is a great example of someone who thinks he's Lawful Good, was really Lawful Neutral, and became Lawful Evil and probably never even noticed) Talisid and Caldera are drifting towards the same model, through their respect for hierarchy and loyalty respectively. A shame, as neither is a bad person: they just can't see that their foundation has rotted out from under them.
Of course, the "Dark" side isn't necessarily much better: Richard is still absolutely a total bastard and would throw things into a chaos that would kill and/or enslave countless people. But they're lesser, so it doesn't matter. Morden is a bit more interesting: there's a touch of him that's the other side of Alex's coin, and it's a thin coin indeed. The motives may be different, the moral lines might not be the same...but the end goals aren't all that dissimilar and it's not hard to see his point.
Only disappointment is not getting enough Luna. She's a great character and has evolved beyond being an apprentice to Alex to much more of an equal and friend, and he's better off when he's connecting with her. Plus, I just like her. But damn good stuff.
Looking forward to Book 12. A little sad that is likely the end, but it's been a great ride and after this, the wrap-up should be well-worth the ride.