First of all, a little word of warning:
As seems to be generally agreed, Bell's writing style is more than a little dense, and while she in some sense introduces ritual theory, she really assumes you already know a great deal about it. Consequently, the book is simply not approachable unless you have already read most of the works to which she refers. If you've been assigned this for an undergrad class, or a beginning grad class, you have been cheated. Professors, please, don't assign this until people have already read Smith, Levi-Strauss, Durkheim, Frazer, Malinowski, Radcliffe-Brown, Evans-Pritchard, Geertz, Ortner, Bourdieu, de Certeau, Turner, Grimes, and probably Derrida for good measure. This is a wonderful book if you know all that stuff; it's truly painful if you don't.
I first read this when I started grad school, and I hated it. Couldn't see the point, frankly. Bell's criticisms of various theories seemed worthwhile, but as she doesn't really propose a new method in the end, what's the point? So I dropped it happily for a long time.
Then I came back to it, almost ten years later, because I found myself delving very deeply into ritual theory, its history, and its future. Suddenly I saw what Bell is up to, and realized that this thing stands as one of the single most important contributions to the field.
Now how can both be true? Well, here's the short, grossly-simplified version.
First, Bell argues that pretty much all current ritual theory tends to cleave along a fault-line: thought/action is the usual form. That is, people DO ritual, and THINK something else. She then turns to a deconstructive approach, and demonstrates that this is logically nonfunctional. She's right, by the way. Whatever you think of the rest of the book, this argument (about the first quarter of the book) leaves smoking rubble where the vast majority of ritual theory used to be.
Next, she picks up the notion of "practice," as formulated by Sherry Ortner, Michel de Certeau, and Pierre Bourdieu, and argues that ritual is a mode of practice, and thus continuous with other modes of behavior within everyday life.
BUT, you see, one of the oddities of ritual is precisely that it usually is understood by the people doing it as NOT continuous. This, she argues, is one of the defining factors of ritual as a specific mode of practice: the practice of "ritualization" largely depends on the construction of a division between ritual and other behaviors, within the culture in question.
Armed with that as a structure, she goes and proposes a new way of looking at ritualization, rather than ritual; that is, she wants to look at the way people ritualize rather than the product of their constructive process.
Personally, I suspect that this shift to ritualization drags us right back into action rather than thought, precisely the thing she wanted to get out of, but the way she does this is very, very slick.
Now here's the $64,000 question. Did you understand, or care about, almost any of what I just wrote? If yes to both, you're going to love this book (or hate it, but enjoy the process). If no to either or both, don't read this.
Once again, would people stop assigning this book to those not prepared to address it intelligently? It's simply not fair, and you should be using the time on something more useful and approachable.