I would very much recommend it. I loved the characters and the story overall and the friendship between the two major characters was well written and thoroughly believable. It is a kind of swashbuckling tale but with a bit more grit and more violence and swearing than you're average Errol Flynn film.
The book is structured a little oddly - it is split into smaller books and the 'chapters' in them can be little more than a few paragraphs long. Although that does make it perfect for reading at night when you're dead tired and don't have time to do twenty pages.
I do think however that the pacing is rather crappy. The plot only really, truly kicks in about half way through with the introduction of The Grey King. Up until then it's just Locke, Jean and the others going about their thieving lives with us being introduced to their world. WAY too much intro imo. The author also seems very much in love with the in depth world he's created, so much so that he feels the need to tell the readers minuet details that we don't really care about and uses terminology related to his world we're just expected to accept without explanation. It just bogs the book down really and it would have been just (if not more) effective without it.
Also he does have a tendency to add interludes into the story. Some of these - generally about the childhood of the major characters - seem very well thought out and really add a lot to the characters and their current situation. The rest are just a bit pointless and feel more like padding.
Fortunately the second half of the book is MUCH better paced with a great, exciting, interesting story. I've brought the second to read on the strength of the characters alone because by the end of the first I really wanted to spend more time with these guys.
The third one is due out March next year so hopefully I'll have finished this one by then.