I work for an Internet software development company, and I have made this book required reading for every project manager and technical lead in our company. McConnell's combination of conceptual knowledge, supported by hard facts, is a rare thing in software development "how-tos."
The best-practices section at the back of the book is an invaluable reference. His "bad" case studies depressed me sometimes -- mainly because they were too close to my own projects -- but the "good" ones have become the scripts for my presentations to clients. He has a way of capturing the essence of the atmosphere in a development shop, so the case studies feel as if they took place in your own office.
I would highly recommend this book to anyone whose job is managing the development process, whether that be in a technical lead or a project management position. Maybe if more people read this book and follow its guidelines, we could all stop working weekends.