Another reviewer has commented on the expense of the volume at its full list price (and gives it a corresponding low rating which I think unjustified).
Setting aside the question of 'how to get it at a reasonable price' (my excellent copy set me back $18 on the aftermarket), I rate this as just about the best available true GENERAL BUT ADEQUATELY DETAILED SURVEY of its field (with respect to historic roots, development, and current status).
When you examine the offerings in theory and criticism, there are many (generally very good to excellent) basic introductions that I think appropriate for instructing first- and second-year undergraduates. Books by Barry, Klages, Bertens, Bressler, Ryan, Tyson, and many others fall into this category; the approaches are generally similar, and they offer varying 'levels' of textual complexity. These are brief enough to be dispatched in a single semester course, with or without supplemental material. I would forego Eagleton or Culler, though they have their charms.
There are also the boat-anchor source volumes like Norton, Hazard (pre- and post-1965), Rivkin/Ryan, Richter, which contain source texts with short explanatory essays and run from 1000 to 2500 pages; these have their place for upper-level undergraduate or graduate teaching, and demand much more of the reader.
The Oxford volume seems to me to fit a very small niche: Per its claim on the very first page, it aspires to present a thorough and accessible history of developments in theory and criticism, and does so in the form of expert essays that focus on particular authors or periods. Its approximately 560 pages do an admirable job of covering the territory--and by comparison with the brief essays or discussions found in most other source texts or introductions, offer generously detailed summaries. The editor's expectations for organization, clarity, and readability have, I think, been properly observed by the contributors, and the reading level should be within the reach of motivated 3rd- and 4th-year undergraduates, and certainly by graduate students.
Patricia Waugh's introductory essay (which I think exceptionally good) is a thorough, clear, and balanced summary of the terrain, and judging from the selection of essays that make up the volume (and by way of full disclosure, I have not read all of them), this is both a thorough survey of major topics as well as historic developments and controversies. A careful reading should give the student a very good and balanced grasp of how literary theory and criticism have developed over the centuries and recent decades, and I consider it a very good choice for a certain approach to teaching and a certain set of learners. I would not use it for young college students, but think it of very high quality for upper division and graduate students. Pair this with your boat-anchor source text, and with the "must have" copy of Theory's Empire: An Anthology of Dissent, and you can feel confidently equipped to acquire the basic foundation to launch into detailed graduate studies.
The only remaining consideration is how to find a copy at less than the publisher's listed price, which I do agree is excessive.