I'm reading it, and actually enjoying it. I also haven't found any plot-holes yet, though I may have missed some.
Of course, now I've said that, a few chapters down the line, the fic will burn my eyes. PL, why do you get my hopes up, only to dash them?
That said, his other Buffy fic is a lot less offensive to the eyes than CED or PKH. I wonder why?