The New Buffettology attempts to introduce investment strategies inspired by Warren Buffet as a set of specific numeric recipes. Unfortunately, it comes short in many areas, committing gross mistakes and misrepresenting Warren Buffett's views (do not be fooled by the last name of the author).
Any investor who wants to "do it like Buffett" must come up with ways to numerically apply Buffett's investing logic, which is amply captured in his annual shareholder reports. To this end, the book provides a to-the-point and ready-made methodology. You will, of course, be better off following the recipes found in this book, rather than gambling on the market like many do.
However, if you have time and basic mathematic ability to really understand Buffett's teachings and form your own approach based on his lessons, there are better books out there, notably The Essays of Warren Buffett : Lessons for Corporate America. If you are still considering reading The New Buffettology, below are just a couple of examples of places where the book is sub-par.
Chapter 9 on "Solving the Puzzle of the Bear/Bull Market Cycle" attributes to Buffett quite a few opinions on timing the market cycles. Warren Buffett is unlikely to actually hold such opinions, as he explicitly stated that he does not make decisions based on overall economic or market conditions.
In Chapter 13, "Checklist for Potential Investments," the book discusses the benefits of share buy back programs. The book fails to even once mention the price at which companies buy back their shares, and the associated reduction in equity. This is an unforgivable omission, especially since Warren Buffett has extensively commented on this issue.