This is SUCH a fun book. Inda's fleet has been completely sacked by pirates and he finds himself playing dumb to stay alive. But WAIT! Savarend "Fox" Montredaven-An (yes, I just typed that from memory) is ALSO on this ship. Mutiny is inevitable and DANG it's fun when it happens.
While Inda is amassing a fleet to clear the straights of the Brotherhood of Blood, stuff on the home front is just as tense. The crackpot Sierlaef has decided that he's willing to MURDER for a woman, and he does. With much resulting catastrophe. This book has the gutsiest, most amazing twist right smack in the middle of it which pretty much changes the entire game. For the better.
On this last reread I noticed that this book gets a little yackity yackity in the second half, which got a bit tiresome. Readers have to pay attention to Smith's long, expository conversations about land, politics, people with very similar-sounding names, and all the stuff going on. It's the only bothersome thing about reading these books.
However, the rest is just a blast. The book ends with the anticipation of one of the most exciting reunions ever (not between whom you might think...) and you just have to dive right into book 3....