Overall a good reference book. Having used Ruby a lot over the last few years, I'd also used this book a lot.
It's mostly useful for an experienced Ruby programmer, as there's gaps in the detail meaning you have to work it out, read the source-code or search the web in order to understand it fully; it often feels more like a big 'Pocket Reference'.
If you could take the 'Ruby in Review' section from 'The Ruby Way' (esp. the 'Training your Intuition' bit) and fill in several of the explicit details -- e.g *all* the argument and return value types, complex pattern matching, Finalizers, Tk, etc, etc -- this would not only be a bigger book (;-) it would become a great deal more thumbed-through. As it is, I tend to read the source-code a lot.
Despite all this, it had helped a great deal in my early days, and is still small enough, clear enough and well-arranged enough that I add my notes to _this_ book rather than anywhere else. My copy's full of penciled-in notes.
The downside is that Ruby 1.8's here, now, and some very important additions, like StringIO and Unit Testing (and possibly YAML) will hopefully mean Ruby in a Nutshell v2 is around the corner...
If you get this book, get 'The Ruby Way' as well, and it will all make a lot more sense.