Characters that you can relate to. I say this because the book deals with a variety of topics, including the loss of a loved-one and "finding your destiny", so to speak. Great character development, as well.
Interesting villains. So far, there is a decent distinction between good and evil, but there's more to the story than that. The two primary villains - namely the Elf King and Max Griffin - seem to be under the influence of something else at this point in the story.
The plot. While meant for children, there's enough complexity to appeal to an older demographic. It's interesting seeing all the little details of the plot slowly unfold. This adds room for speculation... which I love.
Art and visuals. The art is breathtaking and the color scheme does a lot to justify this. Every once in awhile you will get a beautiful scenery shot that is panned across the length of the book. The action is well-executed and the battles play out almost like a cinematic sequence.
Smooth dialogue. One of the first things I look for in a graphic novel or a book in general is wise use of dialogue. I don't have to pause between words, everything flows nicely. Few lines sound forced or cheesy.
Cons:
Somewhat rushed. While the narrative does a pretty decent job at explaining details and events, some parts are rushed and some aspects of the story need to take a bit of a "breather", if that's clear. Take something like Jeff Smith's Bone, for example. The first few books focused on lighter topics, but the latter half of the series focused on darker elements (while still managing to retain some humor). In this sense, I think that Amulet should focus more on the happier elements of the story.
Emily/Navin. These characters alone are not the issue. The only flaw they suffered was that we - as the readers - don't know much about their lives prior to the events of the story. Other stories I have read explain a little more about the characters and this makes me sympathize with them more on a familiar level.
Gabilan. Please bring him back. Two books later and he still hasn't returned. (Why.)
One of the best graphic novels I've read...
Pros:
Cons: