I was greatly surprised, reading the reviews here, to find so many mixed, not to mention downright negative, reviews. So I'll try and actually write out why I thought this book, or perhaps, more accurately, this series, was, as far as I'm concerned, about the best thing to come out in North America in recent memory.
The most refreshing thing about the series, has to be its take on the whole heroic fantasy bit, which has, to be honest, been done to death and beyond. However, the equally overdone, morose antihero type cliche (equally over done in contemporary fantasy, I fear) has also been avoided. This book, and you'll forgive me for being full of myself in saying this, takes, not the protagonist who isn't a hero (a la George RR Martin, or Elric), but the hero who isn't the protagonist.To clarify, I believe that while Fitz is the protagonist, obviously, of the book, he's not the protagonist of the story being told in the book.
I liked the ending a lot, although I can see what there is to dislike there, especially since we've been following Fitz around for as long as he remembers. It was in keeping with the hero not protagonist bit, however. I didn't think that the Red Ship thing was too rushed, and while it could have been spread out a bit more, I quite enjoyed the implication that, what with everything that had happened, the Red Ships were hardly important anymore.
The characters were extremely well done as well. The main characters, from Patience to Kettle to Fitz himself, were all characterized, not explicitly, which is the easiest way, but implicitly, through their actions. They all seemed human to me, which is another thing that is sometimes difficult to pull off in fantasy literature.
The plot was good too. 'Nough said about that I think. It wasn't exceptionally original, but it was carried off extremely well, and had a good level of complexity (not overly simplistic, but not to the monsterous levels of untrackable complexity of, say, WoT)
A final word is on the length of the series itself. I like trilogies. It means that you get closure within a period of a couple years, and that things can happen in book two without having to worry about book 8. And Robin Hobb writes them far quicker than most epic writers.
Ahhh... yeah. That's about it. Read this book, but not in the expectation of either a heroic, TSR fantasy or of a dark, gritty expose of the darkest corners of the human soul, but of something wonderful in between.