Hlišskjįlf works just the same as Filosofem and Hvis Lyset Tar Oss work: they all start off strong in the first song, build more tension in the second, return to the initial intensity by the third, and by the fourth and later songs, drop into introspection and sad reverie. Filosofem almost follows a sine wave of moods as you traverse through the album.
I've always loved that effect.
I love both of the last albums, but i only have downloaded copies, as I'm just not true enough to own them in hard copy, thus I can't comment on the art and stories. I also love them for different reasons. Daudi Balders is great to me because it tells a tale of failure - Vikernes' failure - to say what he was able to say on the following album. It's sometimes a bit on the childish and pedantic side, but I'll still spin the album as much as I will Hlišskjįlf.