In writing The Elements of UML Style, Scott Ambler has done the software modeling community a great service. As a consultant and trainer of numerous corporate clients, I see many teams whose individuals understand the semantics of UML, but have yet to gel as a team with common practices and style. On these teams, communication and productivity often suffer when arguments erupt over why something is modeled the way it is and how my way is better. Teams need to agree on a set of common practices and style. The Elements of UML Style is a great starting point.
The Elements of UML Style is small, concise, intuitively organized, and well explained. It proceeds section by section through the various UML diagrams, in the order they are used on a project. These sections provide many tried and true common sense guidelines and some valuable, but less obvious guidelines aimed at creating well-formed models.
Is it necessary? Yes. This is the best compendium of UML modeling guidelines I have seen published. Projects would be foolish to start from scratch.
Is it sufficient? No. It is a starting point. Projects will want to adjust and go beyond what Ambler writes here. For example, The Elements of UML Style provides general guidelines that urge adopting common naming conventions (section 2.3). A corporation or project will want to nail down specific guidelines for their use case, class, and component names. Also, Ambler focuses on the diagrams of UML, but there is more to modeling than the diagrams. UML itself avoids topics such as what constitutes a well-formed use case specification, and so does Ambler's book. One would have to turn to other books or training, such as IconMedialab's Advanced Use Case Lab course for detailed guidelines in these areas.
Will I be an object modeler just by reading this book? No. This is not an intro book to modeling. Read Craig Larman's "Applying UML and Patterns" (for example) to learn how to object model. Instead, The Elements of UML Style brings together many of the nuggets that will help to become a better, more consistent, and easily understood modeler. I will be recommending this book to my clients.