Itachi, you fucking amazing bastard! <3
I absoulutely LOVED this chapter. Izanami.. well, I guess we can say it's something nobody expected. That confusing déjà-vu like feeling of that loop was absoulutely great and kept up suspense 'til the very end. I always loved that confusing, tricky touch of Itachi's illusions, but Izanami is definitely the cream on the cake - very well done, Kishi! 5/5
Now, I wonder when Itachi actually activated it - already four chapters ago, or right now, just when he got stabbed for the second time? The very fact that it's the first time we see his eye losing its light, and that the rest of that fight doesn't re-appear as part of the illusion, not to mention the chapter's name was 'Izanami's activation', make me guess that it was this chapter.. but on the other hand, Kabuto's horn was already cut off once, so it could've already been active since the very first stab, four chapters ago. That's further backed up by Itachi's phrases used after that stab, that re-occur indeed. Yea, I guess it's the latter.
Not to mention how awesome it was seeing Kabuto going crazy like that. Also, don't complain about the many déjà-vus that occured - that was an absoulutely necessary part to create the right atmosphere. Chapters aren't just made to push forward the plot. As far as I can tell, Kabuto is done for now.. but that's something I actually don't want. I only see one more chance for him: summoning Madara! Gosh, how epic that would be.