I just got The Last Hero the other day, too! Am 2/3 of the way through now.
The artwork is faabulous, as is the book itself. I love Ponder Stibbons. I think he's my favourite wizard. Vetinari is definitely one of my favourite characters, too.
(And I *finally* understand where "Actually I am a Rocket Wizard" comes from, though I still don't think I'll have a good answer when people ask. )