If you have decades of experience in Sql Server, and taken hands-on admin courses, skip this book. You don't need it. If you haven't mastered trace yet, you never will.
IF, on the other hand, you are responsible for Sql boxes at work, and know in your heart you are not well-versed in troubleshooting issues (outside of the old Microsoft holdover "Reboot and Pray") then buy this book, spend a weekend reading and practicing, and you'll have locked down the skills on the most important tool in the Sql toolbox.
I found this title by accident (a Amazon hint on another title's page). I ordered it overnight and consumed it. Excellent written style. Easy to read. Solid coverage on a software tool.
Profiler is actually just a GUI wrapped around Trace. The book specifically covers the GUI (Profiler) and provides enough filler information to perform Trace through Stored Procedures. There is no real information on the SMO API, which is what Profiler uses (it's just a .NET SMO consumer).
This book was written for SS 2005, and 2008 has added several features that extend Trace's abilities. Once you read this book, you'll be prepared for the new features of 2008.
If you find this title useful, then I would also suggest another title from the same publisher. Grant Fritchey's "Execution Plans" book builds on Brad's book and helps you move from "Reactive Mode" to "Proactive Mode" in dealing with query analysis. Together, they make a DBA good at what he does.