Rather than go through the book in order of what happened or break things down scene by scene, I think I'll break it down by character and what I thought of what they did. Last chance to stop reading this post if you aren't finished and don't want to be spoiled...
Rand: While we only got 1 POV from Rand, he did get a decent amount of 'screen time' from those around him. I liked badass buddha Rand. His plan to break the seals is bold, but signs point to it being the right way to go about it. While he said (err, thought) he has no plans to let Egwene persuade him against it, I still look forward to seeing how the big meeting goes.
Mat: Mat was hilarious to me this book, though still seemed like old Mat for the most part. The Gholam fights were cool, and a plan actually seemed to go off nicely (though we didn't know what they were doing at the time). Good thing the Foxhead copies worked against him. Would be hilarious (and irritating) if someone Skims in the next book and the Gholam splatters all over their platform.
The Mo rescue went about as I expected it would. Was pretty likely to me that Jain wouldn't make it out alive. Good effort by Mat to try to form bulletproof requests, but the one little slip ended up big. Good explaination of why Cyadane is weaker than Lanfear too. Funny how both Mo and Suian are weaker now than originally, though at least Mo has a badass Angreal to make her stronger. Can't wait to see her and Rand's reunion.
Don't know who to blame about Verin's letter. Verin made a mistake in underestimating Mat's stubborness. Also, why not just have him give Elayne the letter after a certain amount of time. She'd look at it! Granted, if Mat would have must manned up an opened it, he could have said 2 words to Elayne about it then be off to Ghenji...
Perrin: Perrin's always been one of my favorites, so I enjoyed his development this book. A lot of things that have needed resolved for him have been now. The Whitecloak resolution well handled, though I would have liked for him to through out the fact that WC abandoned the Emond's Field to the Trollocs and see Galad's reaction to that. Morgase's judgement of him for killing the 2 WCs was fair, as really he did kill them. Galad for me went from awesome (great leader who had a bad rap), to idiot (letting Byar influence his decision and deciding it was worth potentially getting slaughtered to kill Perrin without hearing the full story) to okayish (accepting Perrin as a non-df and a good leader).
The wolf dream though was where Perrin really shined. He started slow, but quickly surpassed even Egwene in his control of T'a'R. Stopping Balefire by thought?
And his fights with Slayer? Probably one of, if not THE best one-on-one fights in the series so far. The fact that there was another cool, unrelated battle happening at the same time didn't hurt.
Was also glad that he was fully behind Rand when everyone else seemed to be standing up against him. I sure hope the new Dark Prophecy is wrong and Perrin isn't going to die...
Egwene: After a lot of her growth in TGS, a lot of people I've talked to didn't like Eg in ToM. Many seemed surprised that she was against Rand breaking the Seals and rallied support against that. Look at it from her PoV: As far as she knows, Rand's still the dark, insane person who has done some horrible things recently (though her encounter with him might have eased her fears a bit). I don't think she knows of Fel's message about clearing the rubble, and things are pretty bad now with the remaining seals intact. Plus, Rand admitted he still doesn't know how to seal the Bore properly. So an insane bastard wants to rip the Bore open fully but isn't sure how to fix it? Trusting her childhood friend is one thing, but trusting him after a two minute conversation without hearing the details is just ludicris! Of course she's gonna try to persuade him otherwise. They can debate it and we'll see who wins, though we know Rand isn't gonna be swayed.
While I found her stubbornness about the assassin being Mesanna grating, it was also believable. Gawyn didn't do himself any favors. I kinda wish he would have actully died though, as that would have been a fitting end for him, IMO. Not sure what he's gonna do with the rings now...
I liked the negotiations between the Tower, Wise Ones, and Windfinders. A good solution I think. With Elayne handling the Kin and tying them to the Tower, that handles most of the Female channelers and tying them together.
The Mesanna & BA fight in T'A'R was great (though overshadowed by Perrin's to me). Egwene and Nynaeve had some nice moves. Will need to go through and re-read on who all died on the BA side. Fitting way for Egwene to snap Mesanna's mind. Good to see I was right about Mesanna's identity too.
Elayne: Never really cared for her, and her stupidity hasn't stopped in this book. She takes everything on herself when she has tons of support if she'd just ask for it. The fact that Min said her babies would be healthy doesn't mean she'll be healthy when they're born and those around her can be hurt by her actions. Granted, she didn't know that the BA would show up while she was interogating one of them, but she still could have floated the plan to someone else for backup!
As a whole, her actions were believable though. She's positioning Andor to really sit pretty well. With Dragon's, the Kin, and a good start in making Cairhien hers in more than name, things are looking good. Of course, Caemlyn is kinda burning at the end of the book. Wonder if the Shadow will end up with the Dragon's instead...
Nynaeve: Loved watching her take the AS test. Her just barely passing was a surprise, but felt right. As did her taking Lan's bond. Good to see her learning more about Healing too.
Lan: I was really surprised he made it to Tarwin's Gap. Figured with the Blight erupting he'd get tied up somewhere along the way. I really need to reread New Spring, as I barely remember half these people he kept running into. I wonder who Rand will send to help him. Will Nynaeve go too?
Avihenda: More questions than answers here. Who was the random Aiel woman she met on her way to Rhuidean? Will what she saw actually happen? If so it's quite sad. Perhaps she can do something to prevent it from happening like that though, now that she knows. Hopefully that's not what the world comes too, though it would definitely be an interesting turn of events. With Channeling and Gunpowder battles rising, how long can the Aiel truely stay influencial?
Graendal: I was kinda surprised she didn't make an attack at Perrin herself. He doesn't have much for channelers with him, especially when the Asha'men were sick. I think she'll survive her latest punishment, but where will we see her next?
Tuon: I was surprised we didn't see Rand try to deal with the Seanchan. He took care of most of his other mistakes besides them and the BT. Glad Suffa got a scene, but I think that may be the last we see her. Suffa will be a good damane. ;D
The Black Tower: Good build up here. Where the heck is Logain and his stronger supporters that were out of the Tower? Poor Tarna. Can't wait to see how this turns out.
Epilogue: This gets it's own section, just because there were so many cliffhangers! Rand desiring Lanfear? Red veiled Aielmen (the male channelers sent off to the Blight maybe?)? Caemlyn burning? Wow. We're in the home stretch, but still gonna be a rough wait!
And his fights with Slayer? Probably one of, if not THE best one-on-one fights in the series so far. The fact that there was another cool, unrelated battle happening at the same time didn't hurt. 
And I hated her futures. It was cool seeing Rands children and grandchildren, but bleh! Rhuarcs son seem a lot like his father. 
But you're right. 
first off, the Seachan are NOT that good at fighting. heck, the Legion of the Dragon and the Band of the Red Hand beat them terribly in SO MANY BATTLES! but the AIEL couldnt beat them? i know they had gateways but so did the Aiel. and the BT and WT falling. thats CRAZY! first, the Seachan dont have any male adams. except one, which was promptly destroyed by Rand in TGS. so the Ashaman could make a gateway and destroy a city (any city) in a day. hell, ONE SMALL group of ashaman could do that. so i guess ill end my rant here. but i also wonder. what happened to Tuon? i beat they found out she could channel.