It's the fifth part of a massive and well-realized Harry Potter alternate universe, coming after Saving Connor, No Mouth But Some Serpent's, Comes Out of Darkness Morn and Freedom And Not Peace.
The first began a new twist on an oft-done "what if" about Harry being overlooked in favour of a twin brother, but it's since spiralled into something far more. Lightning's world -- and I find much of it easier to credit to her than to J.K. Rowling -- has a depth and complexity rarely seen in fanfiction.
She's also staggeringly prolific. Saving Connor's 80,000 words were written in less than a month; this part, all 780,000 words of it, was started in March this year. More staggering still is that the quality hasn't suffered -- with a few thousand words every day, give or take an extra here or a day off there, it's been the perfect serial.
I can't say for sure that it won't suffer in a different context -- it's always easier to overlook issues of structure and consistency in serial-form stories -- but my experience of it has been overwhelmingly positive. Do yourself a favour and read it.
(With that said, a warning: this series is written for adults. It contains strong adult themes. It also features a relationship between Harry Potter and Draco Malfoy; it starts with friendship, but by the fourth book has become something more. If you are uncomfortable with depictions of homosexuality, this is not the story for you.)