The first of these stories, "Warlord of the Air" can be taken in two ways; either as a brilliant and imaginative stand-alone work in the steampunk sci-fi genre (one of the first of its kind), or as part of the Eternal Champion Saga for which Moorcock is famous. Steampunk concerns iself with alternate futures where technology has taken distinctly differnet routes (usually steam power), and this novel plays it out in a wonderfully real way, blowing your mind with its great airships, and charmingly British feel to it!
The second story, "The Land Leviathan", is not bad in many respects, is shows Bastable's moral evolution, though it just seems to lack the finesse of the first, and is clearly not as well thought out. It does however begin to show Bastable's role as the Eternal Champion towards the end.
The third story is an all out sequel to the first book, and is undoubtably an eternal champion novel, complete with all the complex multiverse metaphysics that can really bog the story down. The story in this book is electric and should be fast paced if not for the pages and pages of pointless dialogue that you wouldn't find outside of a world summit of philosophy PHD's, or an episode of Dawson's Creek.
Despite seeming a little sterile in places where characterisation is weak, this is a great novel and well worth the time, even if you aren't a Moorcock verteran the first story is worth the price of the book alone