Late to the party on this: I just finished LLL and thought it was pretty wonderful. I felt that Scott Lynch was really going out of his way to be entertaining, and instead of feeling pandered to, I felt... well, really entertained (and even appreciative of his efforts).
I'll pick up the sequel once I plow through some books I have on order from Amazon (The Brief, Wondrous Life of Oscar Wao, The Complete Novels of Flann O'Brien and Pirate Sun)