Starved since the author's death in 2001 of any new substantial 'product' to sell, you could accuse Penguin books of cashing in by reprinting "Austerlitz" in a new 'tenth anniversary' edition. Certainly those familiar with the work should think twice about buying this, since the text is the same. However, Wood's introduction is very good: long on insight and common sense interpretation, and aimed at our good friend General Reader rather than just at students and lecturers. This renders the intro more accessible to all, and in fact it's useful not only as an introduction to this book, but also Sebald's whole body of work, so that overall I'd recommend this book as a good place to start with Sebald for those new to his work.
Sebald said that one of his main concerns as a writer was with Germany and its place in Europe and European culture. Of course this also meant that the crimes committed by the Nazis cast their shadow over his work, whether he alluded to them directly or not. By the time of "Austerlitz", he finally engaged with the subject of the persecution of the Jews, by making his eponymous main character into someone touched directly that persecution. The main thread of this story concerns Austerlitz slowly piecing together the facts about his early life as a little jewish boy sent to Great Britain to escape the horrors of Nazi persecution.
This is not an easy book, although its plot is fairly simple and engaging. Some complain about Sebald's style, and certainly you have to bear with him, for a lot of the sentences are quite long (I don't mean to patronise anyone in saying this. It's just that tight, short syntax is so much the norm these days, from mainstream writing, to websites and daily papers, so that longer, snaking sentences take a while to get used to again). He's also a very allusive writer, making reference to a myriad different cultural and historical facts and points of interest.
However, the rewards are there if you put the effort in. "Austerlitz", unfortunately, became something as a memorial to Sebald, since he died shortly after its publication. In it's own way, however, the book also stands as a memorial to the suffering of so many. For once the hype was justified: Sebald is one of the great european writers, and this is a seminal work in our shared cultural heritage. This edition and Wood's intro help to put all this into context.