Rating: WORTHY!
Will Parry is being sought by bad men, is taking care of his mother, and is obsessed over the disappearance of his father. He thinks that if only he can find his lost explorer father, then all his problems will be solved. He's wrong.
He deposits his mom with a family friend where he feels she will be safe while he goes to Oxford to try and find clues on his father's whereabouts, but the bad guys find him, and suddenly, having accidentally killed one of them, he's on the run, and he stumbles upon a window into a parallel world. In this world he runs into Lyra Silver-tongue, aka Lyra Belaqua, aka Lizzie, who has arrived in this world by following her father over the bridge he created by killing her best friend.
Serafina Pekkala, Lyra's witch friend who is always (very nearly always anyway) known and referred to by her full name for reasons unexplained is searching for her and eventually finds her in CittĂ gazze, the city where 'spirits' suck the soul from children as soon as they become adults - however that's defined. When one of the local children is killed in such a way, the other children blame Lyra and Will, and it's only through the intervention of the witches that the two of them escape.
By this time, Will has come into possession of The Subtle Knife. This is a dagger-like implement which can cut through pretty much anything, including the thin veneer between worlds. Will was evidently destined to become the knife bearer, according to the old man, the previous knife-bearer who, now that Will has taken charge of the knife, quickly dies.
Before she is forced to flee C'gazze, Lyra has been with Will to our Oxford, and has met Mary Malone, a physicist who has been investigating dark matter, which turns out to be the very Dust of Lyra's world, and it also turns out to have a certain amount of intelligence.
During their sojourn in Oxford/CittĂ gazze, Lyra and will were also forced to recover her alethiometer from Sir Charles Latrom, a man she encounters in Oxford, who knew of her device and stole it from her. He's really Lord Boreal, and in cahoots with Mrs Coulter, until, having extracted the secret of the knife from him, she murders him and sets off in search of this knife. If Lyra is destined to be the second Eve, then Mrs Coulter vows she will also kill her own daughter rather than risk a second fall.
Will finally encounters his father, known as Jopari or Grumman, and disappointing and unsatisfactory it is, too, but he does finally stanch the bleeding finger stubs where Will lost fingers when the took ownership of the knife.
This volume ends with Will returning to Lyra only to discover that she's been kidnapped. Her guardian witches have been killed by spirits, and her alethiometer is all that remains of her. That and two angels, Balthamos and Baruch who are insistent upon Will going with them to join Lord Asriel.