This is really more like 3.5 but I rounded up because this book does what it sets out to do well. If fast-paced adventure isn't your jam, round down to a 3.
This novel, the last published in Smith's lifetime, is listed as co-authored by Mark Chadbourn (an accomplished writer in his own right), as are the next to that followed, but I suspect Smith's involvement--indeed, his introduction suggests it--was to provide ideas, notes and permission for someone else to use his characters. The writing style is smooth and polished, but the voice isn't Smith's, nor is the pacing or flow. This isn't inherently bad thing, and God knows authors of IP's have either passed the torch in life (see the recent permission granted by Terry Brooks to a new writer to continue Shanarra stories) or posthumously (Doyle, Robert E. Howard, Edgar Rice Burroughs, etc.). So what do we have?
Smith's Egyptian series played with all kinds of things, from a dense historical epic (River God) to an Indian Jones/Clive Cussler-style modern adventure based on events from that epic (Seventh Scroll) to a return to the original, historical timeline and then two more novels slotted inside the year gap between those two. NEW KINGDOM is another 'story inside a story,' following the tale of a somewhat minor character from River God, Hui, a bandit turned soldier who builds the first Egyptian cavalry of chariots. This novel tells Hui's story and even weaves in a few events that occur in RIVER GOD but from his PoV. How does it hold up?
Well, it's a different beast, to be sure. Hui's tale is most reminiscent of the sort of serialized novels written by Talbot Mundy, Harold Lamb, etc., and ran in the pages of ADVENTURE or ARGOSY in the early 20th century, which themselves are an evolution from the work of, say Dumas. There is an overarching plot, but Hui jumps from adventure to adventure: a heist of a purported magic stone (a meteorite), to family betrayal, to escape on the road, to life among the Hyksos, then a bandit, then a soldier, then the inevitable catching up of past escapes as past villains return, until a final adventure and resolution of what is, at heart, a revenge story. The modern comparison is an historical action movie: after a set-up and character establishment, the characters race through adventures to the conclusion.
As that kind of story, NEW KINGDOM mostly succeeds. There are a few character twists, but not many: the villains are villainous, the "adversary of necessity" are going to have a moment when they can destroy our hero or show mercy, etc. The characters of Taita and Tanus are writ rather broadly here, relying on the reader to know them from previous works, or to understand there is a larger story. At one point, Hui "intuits" a major plot reveal from RIVER GOD for no reason, I'd say, then because some readers might not have read that novel. Hui himself is an interesting, flawed character, although there are inconsistencies in his character: at one point he is trounced in a swordfight against a Hyksos redshirt because "he was no match for such well-trained swordsmen"; 10 pages later he defeats a named Hyksos villain because of the improvements in his swordplay.
The other problem is time: it's unclear how much time passes in this novel? Months, certainly, but a year? More?
There are all of the problems and inconsistencies you see in adventure films or pulp fiction written on spec at speed...but theoretically that wasn't at play here. But what the story does do well is provide a fun, exciting story. The Hyksos and Shrike bandits are detailed, their lives, looks, behaviors clearly woven. The creepy cult of Seth the arch-villainous leads we only see once, but their rituals and beliefs are worthy of sword & sorcery story...which this somewhat is. Much like Harold Lamb did years ago, magic and illusion here is mostly a mix of drugs, disguise and careful manipulation, as seen through the eyes of characters who believe in sorcery; but now and then there are touches that are...inexplicable. Lamb always made sure at the very end that such were given some explanation, but not here--one such factors in the very end that there's no clear mundane reason that can be attached. Is that enough to tip this into fantasy? No, but it is a reminder that pulp sword & sorcery grew from pulp historical adventure, and this is exactly a modern version of the latter.
A fun novel, that could have left more room for Hui's adventures, although it seems ensuing novels went another direction.