Much enjoyed, as always.
This one dealt with a lot of metaphysical aspects that took time to all coalesce into understandable concepts, but we got there by the end. Unfortunately, I feel like the serial nature of how these stories are post hurt this story more than most because while we first enter this digital/spiritual world in post 3, we don’t really have a good idea of what’s going on until post 4, and if you forgot any details between the two, you might not pick up on some of the nuance without a re-read (admittedly, I’m pretty sure this is an issue only for me and no one else).
I do think that the separate but linked journeys taken by Leo and Aria led to a bit of repetitive scenes between the two, but by the time we get to the throne room this is completely resolved. We’re bouncing back and forth between scenes with Aria and Leo coming to similar conclusions and it doesn’t seem like we’re retreading any territory. The repetition does give us an outlook into the differences of Fact and Fancy but, because we don’t completely understand the differences, these differences can easily fly over your head on initial reading.
Well, Annette certainly came back with a vengeance here. 
I’m not sure how to take our new antagonist here. In some ways she’s a bit one-dimensional in her “money is power” mindset, but there’s hints of depth to her character. Hopefully we get to see some more of her, perhaps even learn if there’s any connection between her and Vigil. I have to assume there is, but I don’t know what form it would take.
Heh, you got to love it when you see a story bookended like that. 