The pacing that I found so intolerable in single issue format actually works just fine in this trade. JMS has a habit of setting things up very slowly, but there is more than enough fighting in this collection to entertain me. I had mocked this book for the peaceful cover featuring Thor walking through a field of long grass, and that issue is rather dry (it all deals with Loki's revelation that Balder is Thor's brother), but there are plenty of frost giants in this to be a good collection.
The Captain America's ghost issue is laughable now, although I can't imagine anyone ever believed the guy was really dead. In any case, the heavy handed message against political news programs fits right in with JMS' politics we've seen in other issues.
I did enjoy seeing Loki's plan come together. I'm not sure I totally understand Loki's explanation of how he sets up Bor, Odin, and Thor (something about how the past already happened, he just had to set it up) but it is entertaining. And the actual battles in this book are excellent. Thor and Odin vs. Surtur was great but even that violence paled in comparison to Thor vs. Bor. I loved how Loki twisted Bor's perception to set up the battle, and Bor's belief that a hammer is a murderer's weapon was a neat idea.
Olivier Coipel draws some great frost giants. They are big, imposing creatures and even though the Asgardians whup up on them every chance they get, they do look dangerous. I like how Coipel creates lady-Loki's spooky look by not giving her any eyebrows. It's an old wrestler trick I've seen and it is quite disconcerting. (Kane and some other heels have shaved their eyebrows, giving them an odd look, making it hard to nail down just what it is that's so "off.")
Overall, this still isn't Thor as I prefer him, Thor spends too much time sitting on a throne, I like seeing Thor smashing the Wrecking Crew and the Celestials, but the series is much better in trade format than in floppy.