More information gets revealed about Light, especially where he gets much of his intelligence and insight! L is also proving to be quite the match for Light. Though I seem to have some issues with the consistency of the animation in this episode, I'm still awaiting for the fourth episode to come out.

Episode 3

Transaction

L makes more deductions and scarily accurate conjectures, Light learns some more about the rules of the Shinigami (Death God) world, and the FBI moves into Japan for an unannounced investigation.

I have to say, how Light sets in motion the distrust between the police and L is quite solid. Though the cliff-hanger ending where Light has to make a choice might piss some people off. Then again, I know what's going to happen from the manga...