Lack of an actual "super-villain" doesn't hurt this story at all. It almost seems like a part of our world.
Jennifer Blake, and the Children of Maya - urban terrorists - target government, big business, and the rich. So, when an explosion rips through a Wayne Enterprises building and people die at work, Batman makes it his mission to capture Jennifer Blake, no matter how long it takes.
It takes ten years. It's interesting to realize that this story spans ten years of continuity; a world search for Blake takes that long - she fights and hides masterfully - and of course much has been happening to Batman when he is not in London, England, or New Delhi, India, following up a lead on the whereabouts of this particular prey (see other Dark Knight graphic novels).
Batman confronts his own take on God, penance, redemption, and possible pity for a lost soul who suffered a horrible childhood and took it out on the "haves" using violence and terror...for the Jennifer Blake trail starts to suggest she "got religion" and has spent years doing good, repenting. When she stands before him, near the end, she swears to have changed. But Batman refuses to believe her, refuses to trust any of her words, and there's still the matter of the restless dead. And Justice.
J. M. DeMatteis, as is often the case, deals in spiritual themes, and ponders the existence of God through his characters. But Batman's world-view - extending here to his thoughts beyond the world we see and touch - remains distinctly familiar; he's a tough cookie, and like Jennifer Blake, has been shaped by a tragic childhood that does not lead to belief in a "loving God".
Besides all this, there's action, a twist or two....and I should mention the stunning art. Mention?