I loved the first book - it was magical, original and I couldn't put it down. Buying and reading book 2 was a foregone conclusion.
After about 50 pages I started to question if it had been written by the same person, or if the editors had given up after a while. Too many threads, too much emphasis on leaving each thread on a cliff hanger, too little real progress in the story (OK, they're coming of age, but how much did the actual story progress?). Some of the dialogue was dire (esp Black Leg and the Lady of the Lake). Also, we get that Guin has armour and cannot get hurt - don't try and build any suspense around someone threatening her with a blade.
I perservered with this because I loved book 1 so much. One of the biggest disappointments was getting to the end of it and finding the sequel was not on the market. Alice is apparently dead (grhs) and I was unable to find evidence that book 3 was actually going to be published.
In summary, until book 3 actually comes out leave this one alone - be content with the great feeling that book 1 left you with.