Malazan: Book of the Fallen

How are these books? I picked up the first in hardcover for like four dollars the other day, and I'm thinking about prioritizing it over some Gaiman books and Perdido Street Station and reading it after A Clash of Kings.

I hear they've got a really good story and some kick-ass fight scenes. Is it so? Also, are they about the same characters or are they all separate stories set in the same world?

Read Feast for Crows, and skip the Gaiman.  I'm reading American Gods right now, and Im just not that into it.  I got half the Malazan series in hardcover on my shelf, buy I haven't read any yet.  I've heard very good things about the third one, Memories of Ice, so I'll probably be jumping into it soon.