Urban fantasy (at least according to my definition), lots of magic, reminds me a bit of Swordspoint. Alternating viewpoints between two quite interesting characters -- one a courtier/magician with a shady past, and the other a cat burgler (with, as you might say, a shady past, present, and future). Monette likes to put her characters through the wringer, physically and emotionally. She reminds me a bit of C. J. Cherryh that way.
Despite the above comparisons, she seems to have a unique voice. If you're interested, I would strongly recommend reading Melusine first. It comes to a reasonably satisfactory conclusion, so you're not left hanging, but the second book takes up just about where the first one left off.