I still can't find any fault or complaint with it, because it was still entertaining and interesting to read. At its worst, in the overlong sections like with the Fae, as you pointed out (the worst for me was when they went to get the Shaed, because I felt that went on forever), it was still more interesting to read than the vast majority of other published books. It isn't very good in comparison to the peaks of Rothfuss's writing, but even at its worst it remains well above average.

And somehow, even though for large sections of the book nothing really happens and the book doesn't even have a climax, which would be a damning fault if this was Dance With Dragons or something, here it just seems to work. In the previous book the climax was the Draccus scene, and you and many others disliked that section and felt it was too long and boring. So here Rothfuss actually followed that advice, and so there is no long and boring ending... There is no climax either, but that is the tradeoff. It works here though, partly because of the way the story is being told, so I never particularly expected it to have a climax or be like a regular narrative. After all, this is Kvothe giving an account of his life, so it makes sense for it to be episodic, for him to not give equal attention to different parts of his life, and for him to not be able to divide his tale into three segments that each culminate in a heroic and climactic ending. Instead, him dividing it based on how this is the high point of his life and from here it's all going to go downhill is much more natural and believable, and in my opinion actually enhances the book.

Finally, about the book's length, I completely disagree that it should have been split into three volumes, or split at all, because if anything that truly would ruin the pacing of the story, and piss off every one of Rothfuss's fans. Particularly when the book itself isn't actually that long, it's just that it is formatted really nicely to make it easy and pleasant to read. I'm certain if the font and spacing had been made smaller, it would have fit in (at the very last) under 800 pages, which would not have been at all out of the norm.