Both character & world building are impressive (Its architecture is delicate and refined), but the gem of this book is the magic system. Magic easy to understand, yet complex and multi-leveled. The pace in all of the books is great, except perhaps the first 100 pages of The Way of Shadows.
"That pain you feel," Master Blint said almost gently, "is the pain of abandoning a delusion. The delusion is meaning, Kylar. There is no higher purpose. There are no gods. No arbiters of right and wrong. I don't ask you to like reality. I only ask you to be strong enough to face it. There is nothing beyond this. There is only the perfection we attain by becoming weapons, as strong and merciless as a sword. There is no essential good in living. Life is nothing in itself. It's a place marker that proves who's winning, and we are the winners. We are always the winners. There is nothing by the winning. Even winning means nothing. We win because it's an insult to lose. The ends don't justify the means. The means don't justify the ends. There is no one to justify to. There is no justification."
Finally, in this book, you will meet the biggest bad mofo* of Fantasy. Forget Logen Ninefingers. Forget Jorg of Ancrath. Forget Vaelin al Sorna & Kvothe. Here you will get to learn Durzo -fucking- Blint. I totally recommend this book to every fantasy reader out there, and trust me, you will love it!
*bad mofo: A person of such dangerous capability that it produces a natural coolness about them, which when those two qualities combine (coolness and danger) create a reputation that is renowned. They exude these qualities in every aspect of day to day living, therefore leaving their mark on society in legendary form. Other Synonyms: Durzo Blint, Acaleus Thorn, Dehvirahaman ko Bruhmaeziwakazari