A quick summary: Kvothe was born into a traveling players’ troupe. When he was eleven, the entire troupe, including his parents, was murdered by a group of immortal evildoers who most people consider to be a fairytale. From that point onward, Kvothe bent his life toward mastering the sophisticated magics taught at the University as the only road to knowledge and revenge.
In the present, Kvothe is an innkeeper, a hero in hiding, relating the story of his life to a scribe over a period of three days (one day per volume of the trilogy.) We know that there are currently problems in the lands: impossibly high taxes, unsafe roads, distant war, and unnatural creatures that fear iron, but we don’t yet know how Kvothe ties into any of that, or how he might solve it.
The majority of the story is the past, as told by the innkeeper. In The Name of the Wind, Kvothe relays how he made his way from the site of his parents’ murder to being a street-beggar to being a student at the University. In The Wise Man's Fear, he tells of his seeming success at the University, until an ongoing and dangerous feud with another student forced him to take a leave of absence to let things cool down. He went to distant Vintas, where he vied for the patronage of a nobleman, and found himself drawn into tangent after tangent.

Ultimately I thought the books could have been edited a lot more tightly, both plot-wise and sentence-wise, and perhaps been broken up into more volumes—maybe even a triple trilogy, á la Donaldson’s Thomas Covenant series. Nevertheless, Kvothe is a strong and charismatic character, whose clever voice, human flaws, and audacious risk-taking overcome the occasional weakness in the writing and plot.
In my previous post on The Kingkiller Chronicle, I said book three was coming out in March of last year, and I apologize. I don’t know where I saw that, but it appears publication dates on the third book were tentatively set for May 2013 but have been pushed up to an unannounced date, possibly next year.