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While written well enough, the novels falls down for me for a number of reasons. For one, the two main characters don't work at all well. Groves is a rather over-achieving and over-blown caricature of an Ernest Hemmingway figure, while Cole is an unconvincing parody of the insane-but-alluring femme fatale stereotype. Neither is particularly convincing, nor are either engaging. It's left to more peripheral characters like Groves' wife, Alicia, and her obedient lover Hubert, to establish the novel's connection to reality.
Structurally, I found the intermittent flash-forwards rather cumbersome and damaging to the novel's narrative. While Banks tries to make their connection to the main narrative obscure at first, it doesn't take a genius to see what's going on. Furthermore, since the events that they describe are clearly heading towards a stereotyped tragic conclusion, they sort-of deflate the central narrative ahead of time. Using flash-forwards (or flash-backwards) is a not uncommon feature of modern novels, and is often used to good effect (c.f. Use of Weapons by a different Banks). But here seems a less skillful example that actually damages, rather than heightens, the central narrative. While they allow the conclusions of the events on the Reserve to coincide with the events that take place in the months that follow, that's about the only way the flash-forwards help here.
One niggling thing that bothered me during the novel was Cole's concerns about receiving a lobotomy. While it's been known for a long time that this procedure is basically serious brain damage that mostly serves to improve patient compliance, the first lobotomy in the US was only performed in 1936 (according to the WP). So Cole's fears about the procedure (justified, as it turns out) seemed somewhat anachronistic to me. Understandable now, but rather unlikely for a society heiress in 1936. It's probably just ignorance on my part, but knowing how slowly the negative aspects of novel medical procedures become clear even today, Cole's concerns seem to indicate precognitive powers.
Anyway, not a novel I'll be recommending any time soon.
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