NPC's : 5 stars - well detailed (even minor ones) - and good motivations all around - many of the details of the smaller NPCs help create a breathing city. Bonus points for the most interesting NPC mentioned (but not detailed) from the first volume making an appearance and having interactions with the group.
Monsters: 5 stars - good variety - many you don't see in adventures very often and used in interesting ways. There are only a few 'place monster here for exp curve' types of encounters - and even they fit into the location and situation well without needing to stretch ones imagination as to how they live in the location they are found. One encounter in particular stands out towards the end of the adventure as (in my opinion) particularly fantastic.
Encounters: 5 stars - well done and nice mix of traps thrown in - not enough to keep your players searching every five feet but enough to make them cautious. I like the fact that many of the encounters are or have diplomatic sides to them - which means that the party isn't forced to kill everything they meet.
Location: 4 stars - it's Wati - and the necropolis - I can see groups tired of being in the same place - but due to the situation it doesn't feel like the Wati from the first adventure.
Sandbox: (no stars for or against) - this adventure keeps your group within the city (if they want to accomplish the goals) - however outside of that it's very open ended in how they encounter things - what they choose to do - how they choose to go about the adventure - I have a feeling no two groups will have the same experience - if you like less on-rails gaming you will like this one - as it's a preference type of situation I am not saying this is good or bad - that's more up to your own opinion.
Additional Material - 4 stars - this might be mean of me - but minus one star because there wasn't enough of the excellent deity writeup! I like the new monsters (with one exception - but that's just a personal thing so your mileage may vary).
I very rarely read the fantasy - so no opinion on that part.
Overall - a very solid adventure with a great mechanic that helps keep the pressure on your group. Recommended if you are running the AP - and I'd say usable as a plop down in almost any campaign with a few tweaks.