From the title ('The oral history of AMERICAN punk') you shouldn't be duped into thinking this is much to do with the UK scene. In fact, the story pretty much ends with the [...] Pistols arriving in America and the whole Sid and Nancy debacle.
What you do get, however, is the genesis of punk, American style. The authors take a Studs Terkel-like approach to interviewing and let the major and minor players give their take on the whole scene - from the early days of the Velvet Underground, through the MC5 and the Stooges, up through the Dolls, the CBGB scene and Patti Smith.
It's chock-full of great stories and hilarious anecdotes (Elton John trying to sign Iggy, by leaping on stage at a Stooges show dressed as an ape, for example) - and gossipy enough to make getting through it fun and easy. I've re-read my copy so many times now that the covers are coming off.