Valor is far, far grimmer and bleaker than Malice, and it's much better as well. The tone is more even, and the series hits its stride as all the characters are established and the events set up. I feel that the writing is more confident, as are the characterizations. 
 If you're looking for witty, snarky heroes that poke fun at the world even as they attempt to save it from crashing and burning, look elsewhere. Humor and levity are sparsely used in Valor. The dialogue has a bit of that serious, old-timey feel that made me wonder if actual people really talk and think like that. This isn't a point against the book, because humor really clearly doesn't fit the book's tone and style. That said, this book balances the heroes' hopeless predicament with heartwarming moments. John Gwynne achieves this balance in Malice, and even more so here in Valor. 
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 Still, Gwynne knows how to punch his readers in the gut with heartbreak: Kastell's death isn't a fluke, and the repulsive Jael gets the throne of Isiltir. Lykos (possibly the most evil character in the book right up there with Calidus) enslaves (and rapes) Fidele with a voodoo doll. Edana is forced to run again after forming an alliance with King Eremon. Worse, Halion is captured by his brother Conall, who really should get anger management counselling, and Marrock is killed. Rhin now controls most of the west, and Nathair is letting her have her own mini-empire because... actually I'm not sure. Gwenith dies for saving Corban after being briefly reunited with Cywen. 
 Nathair is particularly dense in this book. It's like he doesn't realize that doing evil things to achieve a nebulous end does not mean he's serving a good god. He's also blinded himself to the evil deeds done by his allies because the voice in his head says to trust them. I'm glad he finds out about the whole Calidus/Kadoshim thing at the end of the book. Now he can fight for Asroth with his eyes wide open instead of deluding himself that all of the damage he's done is for the greater good. 
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 Valor is perfection. And now I wait for Ruin to arrive in my country.