A tough one as it came to me so highly regarded and I can see why. It's well written, enjoyable, and seemingly avoids most of the common fantasy tropes. One of the problems is the way it so consciously avoids them to the point of informing you when it does. That gets tiresome fast.

The world building is good but not great. It's solid, believable but not deeply interesting.

Finally what really bothered me is just how much of a D&D wet dream Kvothe is. He reminds me of the characters I used to build when I was 14. Skilled, smart, talented, and tormented. There's not really a lot of depth to him and there was nothing really surprising about his path.