I’ve finished reading chapters 4 and 5 a few days ago, which is also the end of Log Horizon volume 1.
I must say that I really enjoyed reading this first volume and I’m looking forward to starting volume 2 after I’ve read the first volumes of Spice & Wolf, The Devil is a Part-Timer, and volume 5 of Sword Art Online (start of the Gun Gale Online arc).
I found that chapter 4 was a bit of a slow read as not so much action happens. The chapter was just Shiroe, Naotsugu, and Akatsuki on their travels to Susukino to rescue Serara from the nasty guild, Brigandia, who basically sexually harassed/assaulted her.
In Chapter 5, Shiroe’s group rescued Serara and met an old friend of Shiroe, Nyanta, from the old Debauchery Tea Party, which was a non-guild and was more like a party of selected players that already belonged to a guild.
Later the group of 4, Shiroe, Serara, Naotsugu, and Nyanta (Akatsuki was hiding in the background), got surrounded by the Brigandia guild and Nyanta fought the leader of the group, which was exciting to read. And Akatsuki took out the healers in the Brigandia guild without getting spotted, of course, as she was in the background using her Assassin Hiding spell.
And so Shiroe’s group won the fight and they took off using their Griffins and headed back to Akiba to deliver Serara back to her guild, Crescent Moon League.
(Really couldn’t be bothered to go into so much detail and because spoiler, I guess? Meh)
Anyway like I said, I really enjoyed reading the first volume and can’t wait to read the second volume some time in the next couple of months.