The characterization is excellent and the world building is quite wonderful. When I look back on the story, things did in fact happen. But my actual experience of reading it was that nothing happened for long stretches, people just thought about stuff or sat at tables and talked to one other about backstory or explained what they were going to do next. It really does read a little bit like the novelization of a truly outstanding game of Dungeons and Dragons or some equivalent fantasy role play.
That said, there is a lot here that is really good. As I say, the characterization is terrific, the world building is outstanding. The plotting and pacing are not great but they aren't all that bad. Its good enough that I decided to read on to the sequel.