In 1974, Heisman's classic was revolutionary, and one of the first "systems" since Nimzovich to integrate static and dynamic elements of positional evaluation. Heisman honestly states that since the first three editions sold out almost immediately and are now classics, there was no financial reason to completely update this fine book, since most serious players have read one version or another.
We are lucky he changed his mind and took the tougher path, for the sake of us readers! Heisman did an amazing job of keeping the best elements from the earlier editions and integrating them with modern evaluation theory, including concepts like "ply" analysis that have become key with computer aided study and play, and were not even dreamt of in 1974.
The best thing about this edition, and all four in fact, is the fact that Dan integrates a wide field of positional analysis, evaluation and even tactics, and puts them in context and perspective. If, for example, you bought a dozen separate books about pawn structure, opening theory, control of the center, taking advantage of too early castles, picking away at f/g/h king protecting pawns, rooks on 7, "wrong" color bishops, etc. you still wouldn't have enough of the "big picture" of WHY certain general principles work, and what their exceptions are, and why there are exceptions. When is a doubled pawn structure an advantage, and why? When is a bishop more valuable than a rook, and why? Why do certain patterns of black squares matter?
Chapters and sections include: Background, definition and History of Positional Theory; Mobility, flexibility, control and strategy; Material, space, king safety and development; Mobility and piece relationships to each positional element (demonstrated piece by piece with examples for each); All about pawn structures; All about squares, files, ranks and diagonals; Application of positional evaluation techniques and theories at each of the three stages of the game.
The layout of this edition is superb. Because the detailed analysis and evaluation are given in words as well as board sequences, you can learn a LOT about the "why" of positional rules of thumb without actually playing through the examples.
Will this book help improve your game or rating? The author suggests not, that only practice can do that, and understanding evaluation is not as important as good individual line analysis and tactical practice. However, he also states that Fischer credited Steinitz, one of the fathers of positional evaluation, with much of his skill, and Fischer studied both major and minor Steinitz games in detail.
I think Heisman's humility here is misplaced-- this book might not help your game if you are a highly skilled club player, but if you want to understand, in detail, WHY control of the center can be important, WHY you shouldn't attack until fully developed, WHY pawn structures set whole tactical themes and strategic plans, etc. then this is a MUST have in your library. If we understand what's behind the positional rules, it is a lot easier to be flexible when an opponent, or computer, pulls a move out of book or away from expectations.
The icing on the cake is Dan's ecletic examples from far flung areas like finance, psychology, philosophy, and other sciences, showing how correlation doesn't imply causality, and relating many different areas of strategy in other fields to chess.
I've seen some other reviews that dinged the book as "too much ego time spent justifying the older theory." This is very unfair, as much of the 1974 theory is now taken for granted. The point is, if you haven't been playing through the whole positional evolution SINCE 1974 (sadly, I have), this can bring you up to speed on 2010 thinking without having to wade through all the predecessor books. I'm not saying the "My System" isn't a great read, it's just that, in today's time pressed society, to get the whole update in one book is of immense value. If you're into computer play, just looking at Dan's arguments for and against evaluation vs. brute force analysis is worth the price. All that time watching HIARCS or FRITZ "think" will suddenly take on a lot of new meaning, because Heisman's examples clearly show how the chip is rating the potential moves. Hundreds of fun examples from actual play are given, with good diagrams and excellent notation. There are a number of minor typos, and it looks like the book might have been rushed to press, but none of these are significant. All in all, highly recommended for mid level players and a fun read for advanced players.