This novel is VERY closely modeled on Joseph Conrad's Lord Jim. There are some high points, including a pair of interesting, complex characters, some competent hard-SF elements, and an interesting future civilization that is weakened by relying on highly stereotypical, but unfortunately not terribly stylized or interesting, caricatures of traditional German and Japanese military societies.
And that seems to be the problem with this book. Shwartz rewrote Lord Jim enough to set it in a future society, but she builds the future with some interesting ideas, but also with a heavy hand and a slavish devotion to some of the more implausible and unfortunate parts of Lord Jim. Then, she highlights the relationship between the books by repeatedly having the characters say or think 'like something out of a story!'. Not a particular story, mind you, just an idealized, bright, shiny story that must have the right kind of heroes and adventures to be worthy of admiration. It set my teeth on edge the first time; it was annoying the third or fourth time; by the time I got to number ten, I felt like Shwartz was punishing me for trying to find out how she would finish her version. At least Conrad explains that his Jim read adventure novels (light holiday literature) as a boy!
There is an obvious lack of close reading and editing from around the midpoint on, which suggests that even the editors couldn't keep reading, once the quick-paced action and characters that propel the first part of the book dry up. There are several sections where incorrect names are used in speeches (the person is elsewhere, but is suddenly addressed in conversation), poor grammar and pathetic prose fail to describe the action in several scenes, the action suddenly skips, as if several paragraphs were erased before the book was printed.
Unfortunately, the book is a downward spiral. The first half is interesting, and the action moves right along. The characters develop nicely, and the scope of the action is big. The second half seems to be hasty second draft. Worse, the action slows, the characters show minimal development, and most of the action is concentrated on a small stretch of land on a backwater planet. We are simultaneously asked to believe that a huge 'pirate/breaker' threat depends on the fate of this little world, while little of significance (compared to the action in the first half of the book) occurs.
Shwartz apparently never stepped back and asked if Jim would have been forced to undergo some level of counseling or assistance, criminal or not, which would be mandatory today, much less hundreds of years in the future. And, despite the devotion to Conrad's version, she does make some liberal changes, particularly with Marlow. Following that tack, perhaps the story should have followed a parallel narrative about Marlow's internal acceptance of her situation vs. Jim's eventual downfall due to his denial of redemption. Since Lord Jim and Second Chances are both meant to be psychological novels, continued exploration of that aspect of the characters (not continually pounding the 'I'm not good enough' line) makes more sense, and better explains their actions at the end. Finally, better editing and more attention to the prose itself might have helped, and it would be consistent with Conrad's reputation for working with complexity and fluidity in his third language.
I was extremely disappointed with this book. First, I expected far more after a strong start. Second, I would expect an author that intends to rewrite a classic novel to do so in a more intelligent manner and make better choices about her story. There are better ways to both stay faithful to Conrad's version and to depart from it. I can't recommend it as good s/f or as a good update of Lord Jim. I'm surprised that anyone gave it more than 3 stars.