Sure, some of the finer details and paradigms of investing have changed since 1934. But so many facets of investing are timeless, and for those facets, there IS no better book. It's cool having the 1934-style print, too. It really feels like reading an old book...if only the pages had the yellowing edges and that "old book" smell!
And even in the areas of securities analysis where the investing paradigm has shifted, it's captivating to see the hows and whys of investment decisions as they were made in the depths of the Great Depression. The first-person perspective you get about investing through the Depression is fascinating!
Some of the more esoteric aspects of determining the "intrinsic value" of a security are described in ways which are surprisingly and refreshingly easy for even advanced beginners to understand.
No serious investor who picks his/her own stocks should be without it.