The one complaint I've had with TLH and DV is that Loeb seems to put his intricate mystery plot and his want to shove every bat-villain imaginable into the story, that his characterization, and overall focus, on Batman is almost non-existent. I mean, people complain about Batman being a supporting character in the Burton movies, he was definitely little more than a supporting character in TLH. Little more than a side attraction to what REALLY makes the book; the mystery of who exactly Holiday is.
That said, the mystery IS so fantastic that it does outweigh the negatives and the lack of characterization in terms of Batman. It's not something I'd want every Batman story to be like, but for that one limited series, those 12 issues, it worked wonderfully. And may very well be one of the best comics ever written. IMO.