I haven’t had the opportunity to play a Shinobi yet, and I was looking at the Ikoma Shadow of CoS with intriguing eyes. For those who have the experience to play the Ikoma Shadow, what are your thoughts on the school?

How does that compare with other Shinobi schools? How it will fare as a Courtier? Can it be tailored to be a Bushi?

I have not played the Ikoma Shadow, but from what I can tell:
a) a quite powerful school ability that is useful in skirmish, duel, intrigue... Very nice.
b) What's Yours Is Mine ninjutzu at rank 1 is great, that is a powerful ability, since you can make opponents Dazed AND steal their weapons. Silent Elimination at Rank 5, however, is VERY late for a Rank 3 ninjutzu. That stings, as it is probably the most powerful ninjutzu technique and among the most unique things a shinobi can do.
c) Whispers of Court is a very good free shuji for Air-based characters.

Generally, the strong school ability makes you a possible force in any area, no matter if courtier, duelist or bushi. On the other hand, the school ability forces you to try to gain Glory, as that is your fuel. So you are less able to just act the villain than many other shinobi are.

Regarding as to how it compares to other Shinobi: There are quite a lot of Shinobi schools with powerful abilities. The Soshi Illusionist is a whole shugenja on top, the Bayushi Deathdealer can do what you do almost every round, that Shosuro Shadowweaver is powerful... I would say you are among the more effective shinobi, but do not outclass everyone.

Having used one as a NPC against the players, the school ability is extremely interesting and honestly it’s what I would consider the school ability for a Daidoji Shinobi with the mentality that there’s no dishonor in victory, alas, it got assigned to the Ikoma.

Otherwise, I share @Harzerkatze observations.

Thank you guys, your review sold me on the school. I think it offer the versatility I was looking for. 👍

On a related note: The Bayushi Deathdealer seems to be very popular. It should be said that, while he can exploit a targets Advantage without spending a Void Point, and finding out an opponent's Disadvantage is easy with one Opportunity on Initiative or two on any check in Air stance, it must still be observed: "the player may choose a known disadvantage of one of the targets that logically could be used against the target on that check". It must make sense that the known Disadvantage is used against the opponent for the check. So if a PC Bayushi Deathdealer knows his target has Daikoku's Curse and thus bad luck at gambling, that does not automatically mean that he can reroll all his attack dice all the time.

Also, the target decides which Disadvantage is revealed, and there are no rules saying that repeated use of Opportunities have to reveal new Disadvantages after the first.
Otherwise, playing a PC with e.g. Dark Secret or Hidden Identity would be completely impossible.

That is an advantage the Ikoma Shadow has: The staked Glory means that he can use the ability only when it really counts, for just one check. But he can always count on it.

That’s true, I always prefer a constant benefit than a conditional one. And it makes sense you stalk honor since honor is so important for the Lion.