This book explores version 4 of Microsoft's Solutions Framework, the high-level guidelines Microsoft follows for their software development lifecycle. MSF, and hence this book, is rather abstract. Therefore, it won't tell you step by step what you should do. But hopefully you are aware that there is no such thing as perfect SDLC process- each situation demands finding the best solution for the specific context involved.
This book has some great points - from the foundational principles such as "foster open communications" and "partner with customers" to the way project "phases" are renamed "tracks" to emphasize their overlap. And therein lies the strength of this book - it forces the reader to consider just about everything that should be considered from inception through delivery of a software project.
In terms of drawbacks, the biggest one is that the book focuses virtually exclusively on huge teams in huge projects. The paragraph or two talking about combining advocacies is entirely insufficient. Even when one person handles most of a project, all the aspects need to be considered and covered. One drawback the book avoided was focusing on Microsoft and/or Microsoft technologies. Aside from a couple of minor plugs for specific product, this book is technology and product agnostic.
Overall, this book is well-written and useful.