Figured a lot of people would be done with the book by now, and it's time for this thread anyhow
What stood out to me was the extent to which the Holy War really was doomed at Caraskand - Kellhus' own internal dialogue sealed it for me. He truly couldn't figure his way out of that one and surrendered himself as a last resort "leap of faith," as TTT's What Came Before called it, knowing he'd be dead anyway even if it failed. Without that incredibly unlikely success, the Holy War was assuredly destroyed.
Cards on the table - this reread made me question if Moenghus was doing everything he could to destroy the Holy War before Shimeh. First the deal with the Ikurei, which the skin spies did everything possible to talk Xerius out of. It completely uprooted Maithanet's ploy to play the Nansur, by keeping them in the dark about the Scarlet Spires treaty. And calling in Kellhus was a destructive move on so many levels. First, he knew a Dunyain would divide the Holy War into internecine conflict between Orthodox and Zaudunyani. Second, the return of an Anasurimbor by asking specifically for his son also subverted the Consult, who were very much one of the Great Factions seeking to destroy the Cishaurim. If nothing else, Kellhus would be able to outsmart Maithanet as a true Dunyain. I've always asked myself why Moenghus asked for his son instead of the most capable Dunyain. My crackpot is that this war was between Moenghus and Maithanet, the latter of whom had made a pact with the Consult, which Inrau's final scene strongly suggested.
As far as the Circumfixion, it still remains one of the biggest mysteries of the series for me. I think it intentionally mirrors the beginning of the book, where Kellhus prophesies Saubon's victory, the impossibility of which he decides to try again at the end of the book.