I used this book in an introduction to model checking class and found it to be very thorough and relatively readable, given the nature of the material.
The examples are generally clear and illustrative; which is a huge benefit given the mathematical nature of the material.
This book definitely qualifies as being of a theoretical bent and there is a LOT of material covered in its 975 pages.
If you are more interested in exploring the practical side of model checking, or would simply prefer a programming book to a math book I would recommend: 'Principles of the Spin Model Checker' by Ben-Ari.