Pretty much Act 2 of the same deeply disappointing story found in act 1. 
 Once more we get a variety of Lovecraftian walk-ins. In fact, they've grown more numerous, with major references including: #5 (The Colour Out of Space, Dreams in the Witch-House), #6 (The Thing on the Doorstep, references to The Shadow Out of Time), #7 (Pickman's Model), and #8 (The Silver Key, The Dream-Quest of Unknown Kadath). There's a certain joy to seeing Moore draw the connections between these stories, and in the first couple of issues, when Black is at Miskatonic, it looks for a moment like a coherent setting is being created ... but that rapidly passes. 
 Instead we continue with our road trip through Lovecraft's America, and it continues to be episodic, without meaningful deconstruction or meaningful commentary. Black does get a little more involved in the weird happenings in this volume, and that makes things a little more interesting ... but there's still ultimately no there there. 
 There also continue to be the horrible textual infodumps at the end of each issue, but I've long ago stopped reading them, so they're just a waste of space at this point. 
 (With all that said there's some interesting bits in this volume that remind us of Moore's greatness, like timey-wimeyness in issue #6 and dream-dreamyness in issue #8, but it's not enough to carry the dull story.)