I'd guess this is the way most professionals approach playing music - that is, "Don't learn all the notes in all the positions, play certain keys in certain positions where they are easiest, get the whole picture into a workable form ASAP, and focus your practice". As good as you'll get in one book....but plenty more to work on once you have these basics in the old noggin! But this is a great place to start. But you'll still need plenty of standard notation work to practice on - but that stuff you can get from the library anyway - this is the book that will centre you on the 'what and how' in a structured methodology.
I use this as support material when teaching Guitar as it's the best I've found on the subject. I also like William Leavitt's books on reading and if you can still get it the Arnie Berle one on sight reading is one that takes a much more linear approach and gets you thinking outside of the traditional first 5 frets - but,if you still want a really traditional approach (learn the hell out of the first 5 frets and then move on up) I'd suggest you also use either Mel Bay's Modern Guitar method books (7 in the series - not so modern as they were originally written in 1948! But still good for learning music), or William Bay's Mastering the Guitar (5 in the series). Don't bother with the CD versions if your using them to learn music - that's exactly what your trying to get away from; TAB and listening to CDs.