
On a reread I already know I missed a lot the first time, but I quickly realized I missed SOOOO much that first time and most of it is because I wasn't used to having to use my brain as much. I was constantly amazed at how much foreshadowing is in this first book. So much is mentioned from the origins of the T'lan Imass and Tiste Andii to the Jaghut and even a little about the Forkrul Assail.
And the epigraphs made sense! They ACTUALLY made sense! I always thought they might, but they are tell quite a bit in fact. Some I was amazed actually give away events in the following chapter, but you have no idea when you first read it. You wily bastard, Erikson!
Hand in hand with the foreshadowing I'm amazed at the level of detail in this book, there's hardly a sentence without extra meanings behind it. But the problem is - you just don't know who to trust when you're going through this on your first time and it's so hard to catch it when so much is revealed in such an offhand manner.

I still remember being so confused the first time and then figuring something out. That's what sold me on the series and why I still consider it one of the best, if not the best out there. A second reading sealed the deal.
Having said that I also saw a lot of why people say it's the least well-written of the series. It's well done, leaps and bounds ahead of most I think, but it can be inconsistent. For most of the series it's told in third person limited, and while that seems to have been attempted for most of this book, there were instances where it drifts to omniscient within a section. The pacing is also a bit off, but that's not really any different from the rest either.
Despite that, I stick with what I said above. These complaints are drops in the bucket compared to this vast, epic tale filled with history and magic and plans within plans.
At the moment, The Malazan Book of the Fallen is my all-time favorite series. This may or may not change when George finishes his series (in 2113, zing!), but I have a hard time right now seeing how it will be possible to top. Yes, there's a similar level of detail and even camaraderie you feel with some of the characters, but how do you top this kind of epic? I don't think there's a better feeling in reading than figuring something out that the author withheld, that's what sold me on my first read and what continues to make this my favorite.
5 out of 5 Stars (Not even a second thought)
Note: I also highly recommend reading this with a group, or just checking out the discussions from the group read I've been participating in. Being able to toss around ideas and theories is priceless and having people to explain some of it is also very helpful especially if it's not as rewarding for you to figure things out on your own.