I've got all of the Xanth books. Since, there are around 30 Xanth books, you can see that I'm a fairly serious fan of the series. This is similar to most of the Xanth books: lots of puns, Demon-ly manipulation, discoveries of potential mates, hints of sex, etc.
I liked the occasionally leading role that the children (Ted, Monica, and Woe Betide) and the Peeve had in the story. However, the adults (Surprise, Stymy, Pyra, and Che) tended to be charactors that you couldn't really care about.
The biggest problem that I had was the number of plot holes and disconnected events. I frequently found myself paging back and forth, trying to figure out how a person joined or left the company. Sometimes, I couldn't figure it out. One partial explanation for confusion might be that this book is structured differently from most of the books, in that there are many more break-aways from the central charactor (Surprise) to first-person naratives of the other charactors.
Also, while Demon bets are the basis for the events that drive the story, the resolution of those bets isn't completely clear, nor do we meet the Demons. Additionally, there is another whole plot element involving the Simurgh which is hardly explored or resolved at all.
In general this feels like a first draft of a book, that still needs a lot of editing.