Very charming but slow paced, like all the other books of this author seem to be (I only read this and bits and pieces of some others).
The story could use a better ending... but what's really interesting about this book is the atmosphere it creates, especially through the use of old English. I never encountered words like 'sundering' or 'cheaping-town' before reading Morris :)
There are also vivid and quite original scenes, [mild spoiler ahead] like the one with a certain bear chasing a certain naked lady... in the forest (Morris had a thing about naked ladies in the forest, check out The Water of the Wondrous Isles ;) hehe).
Finally, I'd say It's a book that really feels like coming from another time more than most books I've ever read, probably because the author intended it this way (the old English he's using was ancient for Morris as well, so he used it to create atmosphere), but also because of the slow pacing of the story.