I've just started studying graphic design, and this book has been incredibly helpful. The whole idea of graphic design can be a little intimidating to start with, but this book covers all the basics.
Graphic designers can be a little precious with their trade secrets, so it's nice to have these two guys outline the principles of typography, identity, layout and so on in plain english.
There are some nice pieces on inspiration and coming up with ideas, and a lot of stuff on the practical side too (making a portfolio, promoting yourself, etc).
The book's full of recent and current work by various design studios. There's a lot of really great design work and lots to be inspired by, including the book itself - it's nicely laid out and printed on some lovely paper.
Heartily recommended for students or anyone who wants to lift the lid on the industry.