The introduction by Michael T. Gilbert sets expectations from the first page on.
For those not in the know, while Will Eisner created and drew the Spirit when it first appeared, in 1942, Eisner was drafted into the Army. This precluded him from writing or drawing the strip and so a series of ghost writers and artists, most notably Lou Fine who drew the Ray and Black Condor (now DC properties) before working on The Spirit. As the strip continued, and as noted by Gilbert, the quality of The Spirit began to wane while not being stewarded by Eisner. This lack of quality was something I glossed over in my review for The Spirit Archives, vol. 9 and instead discussed the problem of the stereotypical black minstrel character of Ebony White. As I stated in that review under the stewardship of Fine, et al., The Spirit became a boilerplate detective/superhero yarn that almost always had the Spirit preternaturally figuring out the crime before the police and then turning into a gigantic punchfest at the end. Rinse and repeat, rinse and repeat for three year.
But there was light at the end of the tunnel. The war ended in 1945, and Eisner returned to the strip for "The Christmas Spirit" (this was the title of his Christmas Spirit strips before he was drafted--the ghost team did not continue them.) Unlike all of the previous strips in this volume (I know, I checked) the "by Will Eisner" doesn't appear until this strip. And immediately, you notice the difference. While ostensibly, The Spirit is a detective comic, Eisner was not one to be hemmed in by the parameters of what people thought he should do with comics. Eisner is decades ahead of other comics creators with The Spirit. No one would be this innovative with comics until Lee and Kirby created The Fantastic Four. It's the last strip of the volume that shows Eisner's true vision, as he brings in villains that were loose threads from right before when he left the strip and wipes the slate clean, effectively announcing that he has reclaimed The Spirit and that readers shouldn't have to worry about what came before, because he certainly wasn't.
Reading the ghost-written Spirit has become a bit of a slog for me (although I have not read volume 10 yet--that's a whole other story for another time and given what I know, I'm not looking forward to it) but seeing the last two Eisner penned strips has me excited to read Volume 12. This volume is interesting from both a historical and completist perspective, but most of the work contained therein isn't Eisner's and isn't worth getting excited about (except for the last 14 pages!)