I just finished reading this for the second time today.
First time I read it the only thing I really rememeber liking was the "earth, wind, fire, water" scene that Pug does.
This time around... I liked it, but I don't love it. It's not a book that personally I would recommend to my friends. I think the problem with this book is that it has so much hype surrounding it (like the original poster said, so many people love it). However, from reading peoples comments, this seems to be because it was the book that introduced them to the genre (i.e. the first love).
I think the story is great, really interesting, love that it takes place in two worlds, I even like that the time span is so vast in this book (which is quite bizarre for me, however, I would have liked dates at the beginning of each chapter). But I don't like how Feist writes when there is no dialogue (notably, the point where Pug gain's his powers - theres about 8 pages of no dialogue, and Feist can't do that - his writing style isn't consise and vivid enough to get away with it).
I loved the potrayal of Pug and Tomas as kids, and really liked the build up to them developing their powers. However, with Tomas I was so disappointed that when he did become a Valeri, it was suddenly over - I wanted more!
I really liked some of the side characters, like Amos trask and Jimmy the hand - would love it if the story had told me more about them!
Overal, I'm glad I read it, but it's not a book that I'll read again, not a book that I will recommend, and it certainly in my opinion doesn't deserve the title as one of the best fantasy books ever written.