If you are interested in Russian history and culture, this book is definitely worth reading. If you, like me, read every volume of classical Russian literature you can get your hands on, it will explain a lot of background facts and help you connect the dots. The book is written in a bold manner that might be viewed as controversial for the lack of focus (each chapter consists of several stories that are interwoven into each other), but it generally works very well for painting the big picture, and it is fun to read.
One thing that might be viewed as a certain deficiency is the author's bias. He shows occassional tendency to put down widely recognized authors and diminish their credit (Tolstoy, Bunin, Dostoyevsky, Rimsky-Korsakov) and on the other hand, he seems to spend way too much time on two women poets, Akhmatova and Cvetaeva, because he likes them, and their life stories suit his story-telling purposes.
This is all great - if you already know something about the subject, it's very interesting to confront your (or generally accepted) views and experience with a different point of view, that is nonetheless very intelligent and stimulating. But if you are a newcomer, it might give you a slightly distorted view of things. So if you bear in mind that this book is more of a personal confession of passion for and vast knowledge of Russian culture rather than an "academic" overview, you will not be disappointed. Also, the book is a great reference, so it's really worth buying to have it handy.