This isn't the easiest read on my shelves, but it is certainly one of the most interesting. This is the sort of book that you have to be in a particular mood to read. If you enjoyed the philosophising and deep politics of Erikson's Malazan series, as well as Stephen Donaldson's Thomas Covenant books, there's plenty for you here. The characters are well-drawn and very fallible, and the storyline is sketched out with just the right shade of foreshadowed tragedy to pull the reader along.
If the book has any failing at all, it is that there is no relief from the incipient misery, and virtually no humour to be found at all. Bakker's well-constructed "schools" of magic, more resembling the schools of thought of ancient Greece, are also tough going for anybody who doesn't want a story too rooted in psychology and philosophy. There's also the feeling that not a tremendous amount really happens - the main characters are being shuffled into position for the next act in what could be described as a very extended prologue (Bakker's Wikipedia entry confirms that this first trilogy was originally intended by be one single book).
But as the first part of what looks to be one of the stand-out fantasy series of both this and the last decade, The Darkness etc. is definitely worth a good look.