This is a very strong collection that some less than flattering reviewers have correctly described as repetitive and lacking characters. Were one to read a single story from this collection, it would have a very different effect than a person going through the whole book. This might sound obvious; however, readers who need more character-driven stories are going to be repelled by the collection, whereas they might be able to grant a writer this approach for a single story. The stories are more like imaginative histories either without characters or with characters that are not really the main point. Each story tends to be built around a single fanciful obsession. There are aspects of Poe, Shirley Jackson, Borges, and Hawthorne's short stories in these. The stories begin with disembodied narrators, such as, "After the Age of Revelation came the Age of Concealment," "We here at the Historical Society are tireless in pursuit of the past," or "During the course of the many generations the Tower grew higher and higher until one day it pierced the floor of heaven." After reading a number of such stories, a story such as "The Tower," which comes in the second half of the book, feels already played out before it begins--though it proves, after one gives it a chance, to have a pretty interesting premise. Readers will have a higher opinion of the collection if they cherry-pick stories; however, based on reading other reviews I can tell there's little consensus on which stories to pick!
In my opinion, "Dangerous Laughter" contains a number of excellent stories that can support repeated readings. "Cat 'N Mouse," which stands quite apart from the rest of the stories--except in that it recounts the history of a consuming rivalry--is very amusing and fun. I loved it too when the narrator goes into each animal's psychological state. To me, the other best stories are "The Disappearance of Elaine Coleman," "History of a Disturbance," "The Other Town," "A Precursor of the Cinema," and "The Wizard of West Orange." Another reviewer said "The Other Town" didn't quite cut it; however, it is a fabulous allegory for representation and art. (Some may dismiss it as too ready made for a graduate seminar in post-structuralism where simulacra rolls too easily off of everyone's Baudrillard-loving tongue.)
The weakest stories, I think, are "The Room in the Attic," which just asks for too much suspension of disbelief, and "Dangerous Laughter." Both stories attempt to foreground character more but come off as too artificial--an amusing outcome for a book with so many fantastical conceits.
For readers who like the historical approach, see Jim Shephard's "Like You'd Understand Anyway." His stories are based on real history, however, and Shephard is very comfortable navigating character motivations.