The first volume that was planned as a volume, to be a unit in itself, enlivened by bonus cartoons that did not appear online. Spoilers ahead for the earlier works.
Does have some differing sections. A lightsome opening where everyone celebrates the New Year -- except of course Miko, incapable of celebrating anything. An excursion out of Azure City when Nale regroups and finds that Julia, Roy's sister, is at the school there, which ends with an apparent victory, that only later becomes real. But then they land back in Azure City where politics and intrigue and a secret's getting out complicate the arrival of Xykon and his forces.
And much more. Belkar's cooking a pot of vulture stew. Nale's pondering how Julia and Roy acts as if they don't have a bloodthirsty hatred of each other-- don't all siblings? A training montage, and a mentor who never wants to see his student again, so that he won't die in his arms and leave the student pleading revenge. Halley discovering what she really, really, really wants to say -- and shortly thereafter, Elan figuring out a way to keep her from babbling. V's advice to Elan on how to make his illusion useful at the docks. Thor's allowing a Weather Control spell to be used as a sonic attack Nale's overestimating the loyalty of his new cohorts. Some clues about the Creature in the Dark -- also a tea party with him.
It ends on a down-note. Remember that you can read onward online, or in the fourth volume.