I love any book that makes me rethink my methods and views on a particular subject and in this case, it's Flash. In this book you get a glimpse of how Flash wizard Joshua Davis approaches Flash design and also his views on Art on the Internet in general. This is the key to enjoying the book. If you want his thoughts on Art and Flash, then you'll enjoy it. If you're looking for an indepth instruction manual to create the next Praystation, look elsewhere.
While this book doesn't contain any super-advanced code, it is important for anyone who wants to know some of the building blocks on how to start making sites like Praystation. The sections on the "perfect fade" and other actionscript widgets, really made me rethink how I approach coding such simple flash objects. He places emphasis on "elegant" code that is, to quote the book "simple and yet robust". Also equally important is how Davis prepares his workplace. He has a well thoughout system for organizing creative assests in Flash that I've tried to adopt.
For me the best parts were reading on how he finds inspiration for his artwork, namely from Nature. It's made me realize to look for inspiration not just on the web, but everywhere -- outside my window, while walking to the post office. etc.
While not perfect, I would have like to seen more case studies to get a deeper insight into he's methods. Not just necessarily his actual code, but just more of his approaches and problem solving methods. If you're looking for tons of code, look elsewhere, this is "sketchbook" about Davis and Flash, with some design theory, funny anecdotes and bit of code thrown in. If you are designer someone who wants to rethink a bit about how to make Flash art, check it out. Here's to hoping he writes a sequel.
If you're a beginner, I'd recommend the Friends of Ed "Foundation Flash MX Actionscript" book in addition to this. Do the schoolbook learning through the Foundation book and then read the Davis' book before bedtime to ground yourself and to find inspiration.