This is a fabulous book. While it's a fantasy, set in a Venice-a-like mediaeval city but with added "alchemy" serving for basic science, a very small amount of very powerful magic, and a Mysterious Elder Race, it is consistent and believable. In this it is helped by there being lots of squalor, filth and fear - mediaeval life was thoroughly squalid and life was awful for almost everyone. The one place where the scene-setting falls down is a very minor one that most people won't notice, that a city of 88,000 can support 3,000 full-time professional criminals. While 3.5% of the population being criminals is believable, having them at it full time is not. But never mind, it's a tiny point, and it is necessary for the drama. This is fiction, not economics, so I'll let it be.
Most of the city's background is filled in in flashbacks, a device that can be intensely irritating, but in this case it works well, because most of the flashbacks are strictly relevant to the part of the main line of the story that immediately precedes them, and they are well-told little stories in themselves. I'd not be surprised if some of them had earlier been published as stand-alone short stories. Almost all of the main characters' development as people happens in these flashbacks too, and they really are people.
The main story has two strands, starting with the eponymous hero plotting and carrying out an outrageous advance fee fraud. Over time, another strand comes in, of the city's capo di capi having a rival, of the tussle between them, and Lamora's involvement in their fight. Both are portrayed realistically and are skilfully woven together to meet at the climax. And while this is the first in a series of planned books, it stands up very well on its own.
I very strongly recommend this book. It is a masterpiece of construction and story-telling, of balance between light and dark and between humour and deadly-seriousness. And most importantly, it's great fun.