This book has clearly shown me how all the theory I learnt from books such as Hull, Natenberg and Taleb gets applied in practice.
Prof. Kat ingeniously makes the reader understand many option strategies such as risk-reversals, call-spreads, rainbow options, alternative options etc... without throwing them at the reader. He makes the reader figure them out by himself; and this guarantees they will never be forgotten.
Prof. Kat's book also includes an excellent overview of how to structure and market derivative products to the retail investor.
All in all, I strongly recommend this book... It is EXCELLENT!