I am a big fan of The Black Company books, and am working through the Chronicles in order. I absolutely loved the first Chronicle and have now just finished this second one - The Books of the South.
The first volume in this set continues with Croaker, The Lady, Goblin, One-Eye et al as they continue to do what the Black Company does best - travel far and fast, and out-think, out-fight and out-mean-and-scary everyone they encounter. This really does continue in the same vein as the first chronicles and I enjoyed it, although the machinations of the Shadowmasters confused me for a while (probably my bad!). The touches of the bats and crows were excellent, and I love the introduction of Frogface. The second book in this Chronicle switches to The Lady's point of view and she becomes the narrator (which I wasn't expecting) as Croaker is inconvenienced elsewhere. Minor spoiler alert but it is great to see The Lady getting some of her power back. The second book is fine to read and the overall story arc develops and evolves quite nicely. The third book here (The Silver Spike) is set elsewhere- back in the Plains of Desolation with the Menhirs (love them - don't know why!) and the WindWhales and The White Rose. Again the narrator switches and Croaker and the Lady are hardly mentioned at all. In all this book is much less based around the Black Company, focussing on related parties and events, but is still a good stand-alone story in the Black Company universe, with Raven and Silent definitely featuring.
In all the Chronicle is a good meaty read and the first 2 books were a good solid 5 out of 5 (bk 1) and 4 out of 5 (bk 2) in my opinion, and so definitely worth reading. bk 3 (Silver Spike) is less essential and disconnected from books 1 and 2, but still a good 4 out of 5 to me.