Some fine writing. The prose is delightful--it has a distinct cadence, takes some adjustment at first, but it's smooth. A pleasure to read. Wolfe obviously cares as much about how the story is told as the story itself. 
 The plot is focused on Severian's travel north as relocates to a far-flung city to serve, in exile, as a torturer (just what it sounds like, plus executions!). The first book a bit of an introduction and the second an in-between, but each entry nonetheless feels like a full arc. Having the two packaged together in a single volume works very well, in that regard. Things meander a bit, especially in book two where long chapters are dedicated to a myth and the transcript of a play. It's not unpleasant, but one does wonder whether Severian ever will reach the city to which he journeys. It does contribute to a nice twist on the hero's journey motif, however: Much of the things normally making for the "big" end of a book here are revealed in the passing of the narrative. The focus is drawn to the passing events of the hero's journey. It's the little stuff that matters.