Controversially and in defiance of spoiler norms, it's perhaps not too outrageous to reveal that Rincewind and his companions do in fact manage to avert their certain deaths and find themselves back on the road again, this time pursued by various special-interest groups who want to extract the spell from Rincewind's brain by whatever means possible.
The Light Fantastic is the second novel in the Discworld sequence and is the only book in the series to act as a continuation of the prior book. The Colour of Magic's storyline continues directly into this volume, creating an odd mismatch in tone, as The Colour of Magic is very much an atypical Discworld book whilst The Light Fantastic is starting to slowly transition the series into a more familiar format. There's only one narrative here, not the four novellas combined into one story structure form the first book, and Pratchett's voice and humour is already settling into a more familiar mode. There's much less riffing on prior fantasy tropes (a second Conan the Barbarian parody and a very brief shout-out to Tolkien aside) with fairy tales instead getting more of a satirical once-over here. Pratchett also abandoned the chapter structure at this point, which earned him much ire at the time from critics but also from fans, whose "just one more chapter" plans not to stay up all night reading were disrupted by there not being another chapter and invariably staying up to read the entire novel.
For the first time, though, we do get a subplot, with the action occasionally cutting away to the wizards of Unseen University and their various attempts to solve the crisis. The wizards are able to employ their vast resources to help, but these are invariably are proven useless by the actual protagonist, but nevertheless provides much comedy along the way. The effect here is slightly dimmed by none of the familiar wizard characters from later volumes appearing, with the exception of the Librarian, one of the series' most iconic and fan-favourite characters. We even get the Librarian's origin story here (orang-igin story?), albeit in a blink-and-you'll-miss-it manner.
There's also, intriguingly, plot-laying for later books, with a visit to Death's home introducing his adopted daughter Ysabel (foreshadowing the events of Mort) and the other Horsemen of the Apocralypse, who will become more important in Sourcery.
Early Discworld had a tendency for Pratchett to fall back on "nasty things from the Dungeon Dimensions threatening to break through the walls of reality and kill everyone in inventive ways with tentacles" as the default threat, even though it's not very interesting, and that issue is present here, as is the occasional loss of focus as Pratchett (who famously did not outline his books, at least not to start with) tries to organically steer the narrative towards a conclusion. However, the book does benefit from being one continuous story and Pratchett is more interested in characterisation here, with Rincewind and Twoflower both growing and changing as a result of their experiences after being painted fairly broadly in the first novel.
The Light Fantastic (***½) sees the author still finding his feet and confidence, but still crafting a funny and enjoyable novel, with hints of the greatness to come starting to appear.