I read this one out of order, which was a terrible thing to do, but how can you resist reading anything Pratchett when you own it, even if it's out of order?
A lot of things were obviously explained to me from books written after this one that I had read first (obviously obvious), and what a gloriously funny read! Pratchett at his best with added dragons as a bonus. Once again Vetinari and Vimes shine out as solidly good characters for me, and the relationship between them is one of the best I've encountered in any books.
Also a good starting point if you're not interested in reading them in chronological order.
(Second read through (chronologically!) and I totally forgot I wrote a review. Huh. I stand by it second time round, only I want to add that Carrot is an epic dwarf.