Knife of Dreams is better than the past couple of books, but it isn't an amazing book on its own. This book is overly long and the beginning is a long wind-up to the fun action at the end.
I think the series has soured itself so badly, that no matter what is written, Wheel of Time really can't be saved. There isn't much intrigue or foreshadowing and it makes the story bland. The side characters are one-dimensional and none of the evil doings of the Darkfriends or Black Ajah really plan out to anything diabolical - they get resolved in a few pages without any lasting implications. Jordan wasn't skilled at writing in plotlines and characters that would be affecting the main characters throughout the series. It seems like everything is done in little sections and wraps up neatly. For example, I had thought Sevanna with the Oath Rod and her affiliations with the Forsaken could wreck some serious havoc, but it hasn't turned out that way. Same with Eamon Valda! He was killed after all that. I guess Jordan never knew what to do with most of the stuff he wrote into the series.
Rand walks into a trap every single book and everyone remarks on it. He has this mentality of "I have to do it" and it never, ever goes well. I was annoyed that Jordan didn't describe the fight with Semirhage. Rand conveniently blacked out. What ever happened to planning? Ambush? Same goes with Elayne and her foray to meet the Black Ajah, which by the way, was very selfish of her because Min's viewing gives her a get out of death free card until her children are born, and this apparently means that she has no thought for endangering others. What battle plan ever went well sending everyone in at once?
Egwene's section was really interesting, and I liked her fortitude and the way she was slowly turning others towards her cause. Mat's section was also fun, although he didn't end up doing anything productive. The quest to save Moiraine is intriguing and I wanted to read more about it. I liked the small sections with Birgitte, when she took control and lead. She does a much better job than Elayne. Rand, Mat, and Perrin had cool battles and they kept me interested in reading.
The second half of the book moved fast and drew me in. There wasn't much talk of camps, for once. Perrin actually saved Faile after moaning for three books straight. Min seems rather useless. Yes, she has viewings, and supposedly does throw knives, but she just scowls at Rand.
The ending with Taim was really great, and I hope Taim and Rand come to some epic battle, rather than Taim fading into existence.
*Also the original cover for this book made me laugh. It is the most ridiculous. Perrin looks like a dwarf in the beginning reel of "some not safe for kids" movie.