This was a very good book. Beautiful art and tons of set up and background for both the Shadowman Legacy and the supporting cast.
The new villain, Mr. Twist, was genuinely disgusting and frightening, and I thought his dialogue gave him a unique voice.
I also enjoyed the little shout-out/Easter eggs when the Shadowman Spirit was saying the names of the previous Shadowmen: Maxim (St. James) and Michael (LeRoi).
My only gripe was the last bit of dialogue was a bit cheesy (see the discussion about the early review in another thread) and took some of the oomph out of the last page reveal.
Overall, another top notch first issue from VALIANT. I think this book will end up being a pretty big hit a la Spawn, Darkness and some other superhero/horror books of the past.