In my and most peoples opinion, it is only second to Neuromancer, not because of style or content, but because it's not as revolutionary and original.
William Gibson is excellent in describing characters, technology and environment. This book represents a 'new' style for him (as opposed to Neuromancer, Count Zero and Mona Lisa Overdrive). He focuses more on the characters and their travel to the new semi-dystopian world of technology.
At the end you'll want to get your hands on a copy of the sequels (Idoru, All Tomorrows Parties). What the heck! Just buy them too right now!
By this point in his career, Gibson was beginning to repeat himself. He had the flawed knight errant, Rydell (think of Case in "Neuromancer"); the tough street-girl, Chevette (Molly in "Neuromancer"); the sinister corporate interests. But this repetition is not the biggest flaw of this book.
Its biggest problem is sloppy construction. The plot runs out of gas; Gibson ties off the story with a flimsy, unsatisfying ending. The story turns on a pair of virtual-reality glasses, but their importance is never convincingly portrayed. Gibson introduces the character of a Japanese grad student,then all but gives up trying to use him in a meaningful way.
The book's virtues? Gibson still keeps me turning the pages, even when he's not at his best. He always brings in startling ideas and visions. His best in "Virtual Light" is the Golden Gate Bridge, closed due to an earthquake and taken over by squatters who now live on it.
Next up for me is "Idoru," and word is Gibson recovered some of his "Neuormancer" form with it. I hope so. "Virtual Light" entertained me, but I wasn't dazzled.