The story is a parody of the tale of Faust, and follows the events of Sourcery in which the Wizard Rincewind was trapped in the Dungeon Dimensions.
They discover hell steeped in bureaucracy, the Demon King Astfgl having decided that boredom might be the ultimate form of torture.
While crossing through the recently reformed levels of hell (satirical forms of Dante's Inferno) they encounter da Quirm and the parrot, as well as Lavaeolus, who tells them where the exit is.
With Astfgl lost in the bureaucratic prison of his own making, Vassenego takes over as king and lets Rincewind and Eric escape, so that stories about hell can be told.
[2] Gardner Dozois, conversely, considered it "downright bad, the only Discworld book [he] actively disliked and found a chore to read".