While Fables is certainly a fantasy title, it took me until this issue to realize that what Willingham is really telling in this first arc is a classic Agatha Christie style mystery, with all the pomp and circumstance of high society and secret societies as part of the setting. This issue sees the big party that explains the story of the Adversary in more detail, as well as reintroducing all the players just in time for the big reveal, a shocker that has me anxious to see the final issue of the story.
There's something fun about a big formal party, and Willingham, Medina and Hamilton do a great job of conveying the pageantry of Remembrance Day and the ceremony celebrating it. The coexistence of old world charm like horses and carriages alongside new world conveniences like grand hotels and caterers gets right to the heart of Fables, which is seeing how these old stories look from a more complex point-of-view. Willingham also uses the party as an excuse to check in on a few of the supporting cast members who have been introduced in past issues, including Beauty and the Beast and one of the three pigs.
The big set piece for this issue, however, is in the re-telling of the story of the Adversary. There are still plenty of questions left about the Adversary and his goals and motivations, but Willingham gives the readers a good insight into the Fables community and how it started with this re-telling. In addition, Medina and Hamilton do some incredible work on the Fables in their native lands, including a phenomenal two-page spread of the Adversary's final attack.
For all the interesting tidbits about the Fables community, and cute bits with Pinocchio, Beauty and the Beast and others, the real draw this issue is the interaction between Bigby Wolf and Snow White and the close of the investigation of Rose Red's murder. The story of how it happened and why is still out there, but the culprit is revealed this issue and it raises a lot of intriguing questions. In addition, it was fun to see Wolf enjoying his investigation to some degree, admitting that the drawing room revelation scene is something every cop hopes for at some point.
Fables is what happens when you apply real-world characterization to magical characters. The creators have used modern-day alchemy to create a book that is magical and fantastic, but still grounded in believable characterization and plot. Basically, Fables has an edge, owing as much to crime and slice-of-life as it does to the fantasy genre, and probably appealing to fans of all three.