While, I havnen't used the 2006 edition of this guidebook, back in 2004, this was by far the best guidebook for the backpacker/college student on a very limited budget. I found this book to be superior to LP and Rough Guides. The best aspect of the book are the reviews and listings for places to sleep and eat. The only drawback is that the guide to attractions and such isn't as good as some of the other guides.
I used this book in addition to Rick Steves' Italy book, and highly recommend both. While Rick is great with tips and tricks and unique finds (and occassionally inexpensive restaurants/hotels), he tends to assume his auidence has a little more money than most college students travelling to Europe would have. He also has a better focus on what's worth doing and what's wasting your time.
So in summary, while the LG series is great for the super-budget traveler, it isn't quite complete. For that, go with one of Ricks books. They complement each other quite nicely.