There's a log and demanding chase waiting for you. For off the wall, grapple to the beam and land at the wooden platform. As you jump down the floor will start burning, rush forward to avoid death.
After a couple meters the platform will collapse and Kratos will grab onto a vertical wall. However the fire is still chasing you. Quickly climb up, killing any mortals in your way (they block your path quite effectively, so killing them is necessary).
As you reach the top, you can take a deep breath, as the running is over. However the chase after the god is still on. Run to the opposite side of the platform, jump onto the ledge and go up the ladder.
Go along the ledge, following Hermes. At some point you'll have to perform a long jump together with some gliding. This way you'll get onto another wooden platform.
Go along it, eliminating the undeads, until you reach a big crane [RS]. Get onto it and then quickly jump once more and grapple. This way you will grab the mechanism, which will automatically take you to the distant platform.
Here you'll have to go through the toughest platforming section in the game. Try to cross the concrete bridge, which will eventually start crumbling.
Jump, hit the grapple point and glide towards the construction mentioned before.
Once you land on it, it will start crumbling of course. Quickly run forward, jump and hit the grappling points when needed.
This way you'll arrive at a terrace, where you'll be attacked by undead dogs. Get rid of them and keep chasing Hermes. He will eventually lock himself behind a gate. In order to get to him, start climbing up the ladder to the left of the gate. Go to the very top, jump off and glide to the opposite side. There you can grab the wall and climb up to the very top.
Now you have to cross the partly crumbled terrace in order to get to the ballista.
You'll have to use it in order to get to Hermes. Turn it by grabbing the handle by its base and turn it. Afterwards jump up and fire it by pressing Circle. During the flight you will have to press one of the basic buttons.
Upon landing, head towards the big statue head. Right beneath it you'll find one of the Godly Possessions - Hermes' Coin. Pick it up and exit the room.
You should notice a blood trail. Follow it until you make a circle and return to the place where you landed a moment ago.
You will have to fight Hermes. The first phase is a conversation, which will be interrupted with a QTE, a proper move with the left stick will do the job. Afterwards the camera will change and you'll have to approach Hermes. Another QTE will begin and you'll have to press and hold Circle several times (a unique action). This way you will get rid of the god and come into possession of Hermes' Boots.
Their powers are limited, but if used well they can come in handy during many fights. The boots give you the ability walk along walls and quickly move through the arenas. The first ability can be used only by walls marked with golden feet.
During the fight you can them to quickly move. During your couple meters long rush (L2 + X) the smaller enemies which stand in your way will be thrown into the air and receive some minor damage. Additionally they will be slowed down during the flight, allowing you to quickly finish them off. By upgrading them, you can charge by holding down X, which will increase the damage dealt. I also must add that moving quickly through a room is an excellent way of avoiding attacks.
With the newly gained boots, you will be able to run up the nearby wall and then get to the platform in the distance (you can also save your game before doing that).
In order to get to the very top, to the spot with an experience chest, you'll have to use the boots several more times.
Go outside, search some more chests and move forward (you'll pass by yet another experience chest). Afterwards run up the vertical wall.
Once upstairs, head to the place showed on the left screen [LS] to find a hidden chest with a Phoenix Feather. The road then leads up another wall, next statue surrounded by yellow light. You'll repeat the activity once more upstairs, on the outer part of the terrace [RS].
From there glide towards the balcony with a health chest.
Move on to get to a big square, where you will have to go through quite a long fight, during which a new enemy will be introduced. Once they're all dead, the nearby door will open.
The armoured Cyclops, despite its size, is a relatively easy enemy. He moves very slowly, so you won't have any problems with avoiding close contact. However keep in mind that among his attack are also those which are long ranged.
Most of the time, he'll use the ball which he holds in his hand. Dodge it, as he uses this weapon for long range attacks. Once you notice a golden glow above the weapon (which symbolizes this attack), quickly jump into the air. Once you get close to him, you must be ready for normal, short and medium range attacks.
Once you weaken him enough, launch a QTE during which you'll have to press four basic buttons. If you get it right, the Cyclops goes down.
Before you go back to the big room with the Flame of Olympus, go to the opposite side of the balcony. There you will find an experience chest and a Minotaur Horn [!!!].