Going to speak honestly here and I am going to appologise in advance for this.
I am actually starting to find the story annoying.
It really gets close to being "Cado's Journey where things happen but magic fixes EVERYTHING!"
It gets to the point where it is actually more odd when he doesn't simply magic out a victory (or rather where his failures make less sense then his success) as it seems that the only thing that really matches up to him are essentially gods and god-like creatures.
It was also rather disapointing when all three villains suddenly appear at once (being you know... The First, Third (as Cado managed to top him), Fourth, and possibly (though never said) sixth more powerful wizards known, two of which are apperantly illusionists... and then things were solved by just casting magic and some really odd plotholes. Even the Dwarf Woman suddenly took a page from Cado's notebook and pulled a magic victory. It was just odd to see it solved so quickly. To be truthful I may have expected too much, I sort of thought one of the illusionists was banking on Cado, or the Dwarf Woman, seeing through their illusion and tricked them
I guess it makes sense if these are the Wizards of legend where this was the Wizard Arc, where they are so powerful they were basically one man fortresses. Judging it as a story of that is another thing... Cado is pretty much a shining example of a Mary Sue. I'd say more, but honestly I risk getting a very mad Threetoe/Toady/DF-Fan on my back or at least losing other's respect.
I will admit I started to like it near the end... but probably for the wrong reasons. In fact I may reread it under that mindset.
As for the Toady analysis. I am starting to wonder how much he seriously considers it... because some of it is awsome (Especially the "You play your afterlife" aspect) and maybe too awsome for me to believe.