There is a fundamental issue with HDR in that it is easy to learn but difficult to master. The main skill you need to master HDR is the ability to take technically good pictures with a dSLR, and not anything to do with HDR itself. The irony of course is that if you know how to take technically good pictures, you know 90% of everything you need to know about HDR!
So what do you need to know in terms of digital photography?
You have a good understanding of the advantages of camera RAW over other formats (esp JPEGs). You need to know enough about your camera to be able to take a number of images of exactly the same scene but with different exposure values (EV), varying only the shutter to alter the tonal range per shot. Experience with digital post production (Lightroom and/or Photoshop and/or using your Camera RAW converter software) is useful. You also need to have an appreciation of digital and chromatic aberration (both can be a big issue in HDR as you add a number of images together and the noise can also be additive).
Finally, you need to know the underlying reason why dSLR never reproduce images with the same luminosity range available to the human eye (which in essence, is the problem HDR is addressing).
After that, the rest of the HDR process is a piece of cake, as you're using a fairly simple process that consists of slider tweaking in dedicated HDR applications (you can also do it in Photoshop, which can be more difficult as you are messing about with layers and adjustment masks, but CS5 now automates even that, so even there it's still slider tweaking!).
The upshot of all this is that HDR is something you can learn quickly (I learnt and practiced the entire process with numerous shots over a rather enjoyable weekend), and its something that gives you a very useful new photography skill. For example, I now use HDR in product photography - it is a much easier way to produce excellent lighting without actually having to use expensive physical lighting.
My only slight criticism with the book is that the author seems to lean towards the more `hyper-real' style of HDR (which I would define as over saturated and cartoony) instead of `natural' HDR (simulating how the eye actually perceives the scene by extending the tonal range into something closer to real life). However, I can forgive this, as both routes are covered well, and sections on how to tone down the effect based on personal preference are well documented.
Overall, I got an enjoyable weekend playing with something new in photography and at less than 10 quid its far cheaper than a new lens (and as a new lens is usually 300-500 quid, my partner probably approves!). The book is also full colour quality printing throughout, so on a physical basis, the book is a bit of a steal and a nice book to flick through.
Recommended for any competent dSLR user looking for a new challenge.
*** Update November 2010 ***
Since writing this review, I have also bought the HDR books by Pete Carr and Rick Sammon. I still hold that the Practical HDR book is currently the best of the bunch.
It is worth noting however, that the new NIK EFEX HDR plugin is available (as of November 2010), and may be a better choice for new HDR users rather than Photomatix (the latter of which all current HDR books major towards). Also, Photoshop CS5 now has much better HDR support, and this is not covered in any of the three books. Given all this, it may be better waiting for an updated book edition.
Wow. It's getting like buying cameras; you buy the best one and a better one gets announced the next week. Damn ;)
*** update Dec 2012 ***
There is an updated edition of this book imminent:
Practical HDR