I bought this book because I needed a good PHP reference, and I don't regret it. It is current through PHP 4.2 and it describes many features that are available in Zend Engine 2 (ZE2 wasn't released yet at time of publication).
It is an easy read (an important element often overlooked in technical references), without leaving out any of the requisite technical 'goodies', but I would have liked a little more in-depth advanced information. While technically correct, several 'advanced' topics only received the most superficial of explanations, and in one case, a common (and beguiling) misconception involving Object Oriented Programming techniques was explained away as "Obscure".
There are plenty of excellent discussions about the most awkward aspects of PHP development, and it is obvious that the authors are experienced web developers. I learned much that I didn't know, and I enjoyed the authors' candor when, in several instances, they admit that they were confused or stumped at first by one feature or another.
I think most beginning to intermediate web developers, whether independent or as part of a team, will find this book very useful and full of good information; but if you need a truly advanced understanding of PHP, you'd better look elsewhere.