As a psychological study of what drives people to give themselves to another, this book falls flat. There is too much sex - and yet not enough interaction to convince us that this is something people would give their lives for. What there is demonstrates nothing, is placed seemingly at random, and is bland enough that the whole elaborate circumstance of submission that has been so verbosely dissected by the characters seems meaningless.
All the characters present emotional and philosophical arguments for just why they have become slaves. But they haven't really become slaves, have they? They fail to feel anything one way or the other, and fail to truly interact with their masters or explore their new situation. There is very little action taken, very little of the characters except a kind of wistful drifting from one situation to another. There is little or no character development beyond their own tedious explanation of their circumstances, and what there is fails to engage the reader.
Taken as an erotic novel (the only possibility left, since the discussion fails so utterly to convince) it doesn't work either. If this was meant to be erotic, I think it says enough that I've managed to mistake it for a psychological essay. There is no emotion in a novel that deals with such an emotionally charged subject. Textbooks have more life in them, and more truth.
Bland, not at all insightful, not at all erotic, and ultimately boring.