This is the first book in the WoT series to fail to grip the reader from the outset. It's a long one, over 1000 pages, and the first half of the book has the characters not doing a right lot; Rand's thread is occupied largely with the mundane details of running and maintaining his growing empire; Egwene, Elayne and co are sitting tight in Salidar; everyone natters away about what has gone before in a way that would be incredibly tedious had you not read the prior books in the series.
However, despite the initial slowness, I didn't have the objections that some reviewers here have. After spending five volumes getting to know these characters, spending a bit of time with them minus full-on action wasn't a problem. And the second half of 'Lord of Chaos' is every bit as brilliant as the preceding books. Characters separated for a long time are reunited, with great clashes resulting from the changes in each other. Mat, for instance, reunited with Egwene who remembers him as a layabout trouble-maker when now he commands an army, and Egwene... well, I won't give away what she becomes. And Rand's trying it on with the previously untouchable and revered Aes Sedai is great stuff, as is his struggle with staying sane what with a dead man gibbering in his head half the time.
It's the characters that drive this series for me, and I can't think of another series that gives its protagonists fourteen novels to develop across. I love it, despite its flaws- the prudish attitude to sex, the often annoying (perhaps even a tad misogynistic?) depiction of all women as thinking that men are useless lumps to be manipulated but then falling head over heals with one anyway.
The pacing is not an issue for me. Jordan's naivety sometimes is, but on the whole the pure enjoyment of character and world-building is top notch. I for one shall read on....