I found this book brilliant after I'd learnt the basics. The 'recipes' range from simple one-liners to lengthy templates for PHP apps (such as a file search engine), but for me it was the way each recipe is discussed that made this book such a hit.
The authors discussion on each recipe really lets the reader understand how the code should be used He also supplies alternative code that would do the same job but perhaps might be better used in one situation than another.
The extra discussion on each recipe also makes this book very readable, without having to complete the examples/recipes in order to learn anything (unlike some programming books which can be like trying to read a maths course book without doing the examples!).
I found the introduction to the PEAR classes particularly useful, although my one gripe is that some code exists in the book which uses a PEAR class which has never in fact been written (this came from the author himself)!
The author however is extremely prompt in replying to emails and extremely helpful with any questions you have regarding the book - this in itself I would find quite an incentive for buying the book.
In summary - buy it if you understand the basics and are looking for ready-rolled solutions to day-to-day PHP coding tasks.