I'm a professor of literature and philosophy, and I've been using Beardsley's text for almost twenty years. It is very, very strong on classical literary criticism, as well as very strong on Kant and German Idealism. And, understandably enough, it's quite strong concerning formalist or New Criticism (a view which Beardsley was central in articulating). I tend to use this text for its coverage of Aristotle and Plato (you cannot do better than this one for a junior/senior level survey in this context). And he handles Romanticism pretty well, though so much has changed in contemporary understandings of the mode of thinking that it's really hard to say how each reader will receive the text. Beardsley's analyses of more contemporary critical schools -- psychoanalysis and neo-Marxism, most notably -- are pretty weak. But the text is some thirty or forty years old, and Professor Beardsley is no longer with us, so we can't hold it against him for failing to discuss, say, Zizek. Beardsley also fails to mention folks like Adorno (who he clearly could have engaged) or any of the French postmoderns. It's just not on his radar, and that's not really a critique. Times change.
Again, a great text for the groundwork. If you want another great text on psychoanalytic criticism, you can't be Elizabeth Wright's text of that name. It's a masterful intro.
Hope this helps the aesthetic theorists out there!