I bought, read and thoroughly enjoyed the first edition of this book, and was actually surprised to find the second edition a few years later, since I thought Jeffrey Friedl must have already said all there was to say about the subject, so complete was edition 1. However, I soon found a lot of useful new information in edition 2 (e.g. look-behind), beautifully explained as ever. Both editions are well-written IMO, although I wouldn't call them "easy reads". They are not really for dipping into, but for settling down with, although I can only usually manage a couple of chapters at a time, but I always come back. They are "satisfying reads", and somewhat addictive; I think they appeal to the nit-picker in me. For dipping into, perhaps the "Regular Expression Pocket Reference" (by a different author) will be better - I haven't read it yet. But if you actually want to understand REs (and they occur widely in the UNIX/Linux world that I inhabit :-) ), this book is a must.
As a bonus, it is also a rather good introduction to Perl (5.8 in the 2nd edition), but of course, REs are not confined to Perl, as the author makes clear.
My only criticism is actually of the paper quality of the 2nd edition, which is odd, since the 1st edition's paper was recycled and acid-free, which this is apparently not, but it looks cheap and nasty. I think Jeffrey Friedl deserves better.